Rest assured that Anchorage Appraisal Service is an FHA-approved appraisal practice in Alaska. This indicates that we are qualified and approved by the FHA to do appraisals for house loans backed by them. FHA's guidelines, documentation and policies may seem difficult to grasp, but the staff at Anchorage Appraisal Service is well-trained on how to comply with the rules and regulations provided.
The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your financial transaction is an FHA-secured loan, it means it is backed by them. The lender takes care of all the money in the loan - the FHA simply secures the transaction through mortgage insurance in case the borrower does not pay off his or her loan. Applicable to all purchasers, FHA loan programs are built to help credit-worthy low-income and moderate-income families who do not meet requirements for conventional loans. Remember, the FHA differs from the VA appraiser panel in that the lending agency 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. FHA loan programs are extremely useful to those purchasers with less accessible funding.
