The FHA keeps a roster of approved appraisers for each state - Loretta Asbenson is on the roster of approved appraisers for South Dakota. I am certified and approved to do appraisal reports for FHA secured financial transactions.
An FHA loan is insured by the Federal Housing Administration, a federal agency that is a part of the U.S. Department of Housing and Urban Development (HUD). The FHA does not provide funds to borrowers. Rather, it provides lending organizations with protection through mortgage insurance in case the borrower does not pay his or her financial obligations. The FHA and their loan programs are formed to help low-to-moderate income purchasers by easing credit expectations. Different from the VA appraiser panel, the lender working with FHA actually has the ability to choose the appraiser.
Down payments are often lower with an FHA loan despite using conventional market rates. FHA loan programs are extremely useful to those buyers with less available starting capital.
