The FHA publishes the rolls of approved appraisers for each state - Greater Bay Appraisal inc is on the roster of approved appraisers for California. If you have an FHA-secured mortgage, be sure to hire Greater Bay Appraisal inc, as we are approved and certified to handle FHA appraisal reports. A portion of the regular training our staff at Greater Bay Appraisal inc undergoes deals exclusively with comprehending the FHA's documentation and their rules and procedures.
The FHA is the Federal Housing Administration, which is a federal agency in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA-insured loan, it means it is backed by them. The FHA does not loan money to borrowers. Rather, it provides lending organizations with safety by offering mortgage insurance in case the borrower does not pay his or her loan obligations. Applicable to all buyers, FHA loan programs are created to aid credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans. Unlike the VA appraiser panel, the lender working with Federal Housing Administration is allowed to choose the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are extremely useful to those consumers with less accumulated starting capital.