Herrin Appraisal Company
Herrin Appraisal Company is NC state certified and on the FHA Roster of approved residential appraisers. This means that we are qualified and approved by the FHA to do appraisals for house loans backed by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
Be sure to contact Herrin Appraisal Company if you need an appraisal done for an FHA-secured loan.
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-secured loan, it means it is insured by them. The lending company takes care of all the money in the loan; the FHA simply backs the transaction with mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income homebuyers benefit from an FHA-secured financial transaction; the purpose of the Federal Housing Administration is to aid credit-worthy buyers to meet expectations and qualifications for lending agencies that they otherwise would not.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Those with lower income or less starting money to use as a down-payment on a loan are assisted the most from Federal Housing Administration loan programs.
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