FHA loans or Federal Housing Administration loans are valuable financial instruments, particularly for first-time homeowners or for those who need to purchase property but who don’t have a lot of money to put toward a down payment. FHA loans are beneficial because they usually have lower down payment requirements and flexible credit requirements compared to traditional or conventional mortgages.
However, FHA loans also require dedicated appraisals. After all, the government needs to know that it loans the right amount of money to borrowers based on the actual value of real estate. FHA appraisals are important for two reasons:
- They ensure the lender isn’t offering alone for more than a given property is worth
- They ensure a buyer doesn’t spend more money than they should for a given property. In other words, a good FHA appraisal will prevent you from overpaying for property!
FHA home or property appraisals are thorough and provide you with an accurate look at what a given property is worth relative to the wider market, “comps” or comparable properties, and other factors.
When something as important as buying a home is on the line, you want the best of the best to carry out your appraisal. That’s why you should contact MHS.
As knowledgeable, experienced appraising experts, we’re the best choices to ensure that your FHA loan is approved for exactly the right amount for your property. Not only do we provide you with a step-by-step explanation of the process from start to finish, but we’ll also offer sound advice regarding the value of your property and how to present the appraisal report to your lender.
Contact Maxwell, Hendry & Simmons today for more information.