The FHA publishes the rolls of approved appraisers for each state - Mark Lenard is on the roster of approved appraisers for North Carolina.
This means that we are qualified and approved by the FHA to do appraisal reports for house loans backed by them.
We're trained and understand the rules and procedures in FHA's guidance and policy documents.
The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your loan is an FHA-secured loan, it means it is backed by them.
The lending company provides all the loaned money - the FHA simply backs the transaction through mortgage insurance in case the borrower does not pay off his or her loan.
The FHA and their loan programs are created to help low-to-moderate income consumers by easing credit requirements.
Different from the VA appraiser panel, the lending organization working with FHA actually has the ability to pick the appraiser.
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 extremely useful to those buyers with less accumulated funding.
