Need an appraisal for an FHA-backed mortgage? Call Elite Appraisal Services

Rest assured that Elite Appraisal Services is an FHA-certified appraisal company in IA. We are qualified and approved to do reports for FHA secured loans. We're trained and understand the rules and procedures in FHA's guidance and policy documents.

If your loan is FHA insured, that means that it 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 funds to borrowers, rather, it provides lenders with safety with mortgage insurance in case the borrower defaults on his or her loan obligations. Low-income and moderate-income homebuyers benefit from an FHA-secured loan; the purpose of the Federal Housing Administration is to assist credit-worthy potential buyers to meet expectations and necessities for lending agencies that they otherwise would not.

The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. Buyers with lesser income or less starting money to put down on a mortgage are helped the most from FHA loan programs.