Need an appraisal for an FHA-backed mortgage? Call Spire AppraisalRest assured that Spire Appraisal is an FHA-certified appraisal practice in Michigan. We are certified and approved to do appraisal reports for FHA secured financial transactions. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
An FHA loan is backed by the Federal Housing Administration, a federal organization within the U.S. Department of Housing and Urban Development (HUD). None of the money in the loan is provided by the FHA. What the FHA does is ensure that the loan is secure in case the borrower doesn't pay their loan. The FHA and their loan programs are built to help low-to-moderate income homebuyers by easing credit requirements.
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 incomes or less starting funds to put down on a mortgage are assisted the most from FHA loan programs.