Rest assured that Ken Colley & Associates Inc. is an FHA-certified appraisal firm in Arkansas.
This indicates that we are certified and approved by the FHA to do appraisals for home loans insured by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is secured by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD).
No part of the loan is provided by the FHA. What the FHA does is ensure that the mortgage is insured in case the borrower defaults on his or her loan obligations.
Available to all buyers, FHA loan programs are formed to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember, the FHA differs from the VA appraiser panel in that the lender can choose the appraisal company.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
The loan programs that the Federal Housing Administration offers are lifesavers to consumers with minimal starting capital.