Peter M Scotti & Associates is available for your FHA loansThe FHA keeps a roster of approved appraisers for each state - Peter M Scotti & Associates is on the roster of approved appraisers for RI. This means that we are qualified and approved by the FHA to do appraisals for home loans underwritten by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Peter M Scotti & Associates is well-trained on how to follow the rules and regulations provided. If you're in need of an appraisal report for an FHA loan, please contact us, and we'll be able to help you right away. 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 underwritten by them. The lender takes care of all the loaned money; the FHA simply secures the loan by providing mortgage insurance in case the borrower does not pay off his or her loan. Low-income and moderate-income borrowers benefit from an FHA-insured financial transaction; the purpose of the Federal Housing Administration is to help credit-worthy consumers to meet expectations and qualifications for lenders that they otherwise would not. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. FHA loan programs are particularly useful to those homebuyers with less accumulated cash. |