Rest assured that Dratnol & Associates is an FHA-approved appraisal company in Illinois.
We are qualified and approved to do appraisals for FHA secured loans.
Part of the periodic training our staff at Dratnol & Associates undergoes deals exclusively with comprehending the FHA's documentation and their rules and procedures.
If your house loan is FHA certified, that means that the loan has been guaranteed by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD).
The FHA does not loan money to borrowers. Rather, it provides lending organizations with protection with mortgage insurance in case the borrower does not pay his or her financial obligations.
Low-income and moderate-income borrowers benefit the most from FHA-secured loan programs. The point of the Federal Housing Administration is to assist credit-worthy consumers get approved for mortgages that they otherwise would not.
Remember, the FHA differs from the VA appraiser panel in that the lender can choose the appraisal company.
The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.
Consumers with lower incomes or less starting funds to put down on a financial transaction benefit the most from FHA loan programs.
