Bobkat Appraisal Services is FHA Approved
We are FHA certified in both Missouri and Illinois, and on the FHA Roster of approved residential appraisers. This indicates that we are qualified and approved by the FHA to do appraisals for house loans underwritten by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.
If your loan is FHA insured, that means that it has been secured by the FHA, which is underneath the United States Department of Housing and Urban Development (HUD). None of the funds are provided by the FHA. What the FHA does is see to it that the mortgage is insured in case the borrower defaults on his or her loan obligations. The point of the Federal Housing Administration is to assist credit-worthy potential buyers get approved for mortgages that they otherwise would not.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. Those with lower incomes or less starting capital to use as a down-payment on a mortgage benefit the most from Federal Housing Administration loan programs.