Need an appraisal for an FHA-backed mortgage? Call Leroy Albany Appraisals

Leroy Albany Appraisals is IL state certified and on the FHA Roster of approved residential appraisers. We're qualified and approved to do appraisals for FHA insured loans. A certain amount of the continuing training our staff at Leroy Albany Appraisals undergoes deals precisely 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 secured by them. The FHA does not loan money to borrowers, rather, it provides lending agencies with security by offering mortgage insurance in case the borrower defaults on his or her loan obligations. Low-income and moderate-income borrowers benefit from an FHA-secured financial transaction; the purpose of the Federal Housing Administration is to help credit-worthy buyers to meet expectations and qualifications for lending agencies that they otherwise would not.

Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are incredibly beneficial to those homebuyers with less available starting capital.