Rest assured that Mike Tyree is an FHA-approved appraisal firm in West Virginia.
We are certified and approved to do appraisals for FHA secured financial transactions.
FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at Mike Tyree is well-trained on how to work in accordance with the rules and regulations provided.
An FHA loan is underwritten by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).
None of the funds are provided by the FHA. What the FHA does is ensure that the mortgage is secure in case the borrower defaults on his or her loan obligations.
Low-income and moderate-income homebuyers benefit the most from FHA-secured loan programs. The purpose of the Federal Housing Administration is to aid credit-worthy buyers get approved for mortgages that they otherwise would not.
Remember that the lending agency working with the the FHA is permitted to choose their appraisers, different from VA appraisal panel.
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 invaluable to buyers with minimal starting income.
