The North Coast Appraisal personnel is licensed by the State of Washington and also we are FHA and VA-approved.
FHA loans are government loans backed by the Federal Housing Administration, or FHA, which operates under the Department of Housing and Urban Development, or HUD. These types of home loans offer lower down payments and more flexible credit requirements than a conventional mortgage. However, qualifying for an FHA loan requires a borrower and property to meet certain criteria, and as mentioned above, a home must be appraised and inspected by an FHA-approved appraiser.
An FHA appraisal, and really any home appraisal, has two primary purposes: providing value for your home and doing some basic safety inspections. There are some special things that may happen with an FHA appraisal, but the process isn’t fundamentally different from any other mortgage.
A VA loan appraisal is a professional evaluation of the home you intend to purchase with a VA home loan. A VA appraisal is done by a licensed real estate appraiser and is used to determine the fair market value of the property. The VA will also use it to ensure the home meets the VA loan program’s minimum property requirements and is safe for living in.
The VA appraisal is ordered by your mortgage lender. They’ll submit an official request via the Department of Veterans Affairs’ online portal, and the VA will dispatch an approved appraiser to the property. Buyers have no say in their appraisers or when the appraisal is conducted.