Crosstown AppraisalsWe are happy to say that Crosstown Appraisals is an FHA-approved appraisal company in IL. This indicates that we are certified and approved by the FHA to do reports for house loans underwritten by them. FHA's guidelines, documentation and policies may seem difficult to understand, but the staff at Crosstown Appraisals is well-trained on how to work in accordance with the rules and regulations provided. Be sure to contact Crosstown Appraisals if you need an appraisal done for an FHA-secured loan. 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-secured loan, it means it is underwritten by them. The lender takes care of all the loaned money; the FHA simply backs the transaction with mortgage insurance in case the borrower does not pay off his or her loan. Low-income and moderate-income consumers benefit from an FHA-backed loan; the point of the Federal Housing Administration is to cooperate with credit-worthy buyers to meet expectations and requirements for lenders that they otherwise would not. Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are particularly helpful to those buyers with less accumulated funding. |