Loring AssociatesWe are happy to say that Loring Associates is an FHA-approved appraisal service in MA. This indicates that we are qualified and approved by the FHA to do appraisal reports for property loans insured by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents. If you're in need of an 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 financial transaction is an FHA-secured loan, it means it is backed by them. No part of the loan is provided by the FHA; what the FHA does is make sure that the mortgage is insured in case the borrower defaults on his or her loan obligations. Low-income and moderate-income homebuyers benefit from an FHA-insured financial transaction; the point of the Federal Housing Administration is to aid credit-worthy consumers to meet expectations and requirements 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 incredibly beneficial to those consumers with less accumulated cash. |