We are happy to say that Option One Appraisal Services is an FHA-certified appraisal company in California.
Option One Appraisal Services is certified and approved to do appraisals for FHA secured loans.
A certain amount of the continuing training our staff at Option One Appraisal Services completes deals strictly with comprehending the FHA's documentation and their rules and procedures.
An FHA loan is underwritten by the Federal Housing Administration, a federal organization that is a part of the U.S. Department of Housing and Urban Development (HUD).
No part of the loan is provided by the FHA. What the FHA does is ensure that the mortgage is insured in case the borrower defaults on his or her loan obligations.
Applicable to all homebuyers, FHA loan programs are designed to help credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Remember, the FHA deviates from the VA appraiser panel in that the lending organization can choose the appraisal company.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates.
FHA loan programs are particularly useful to those homebuyers with less accessible starting capital.