Looking for FHA Approved Appraisers?
ARA appraisers are experts in providing FHA Mortgage Appraisals. We perform FHA appraisals and all FHA required inspections for single family, multi-family,and condos - including purchase transactions, refinancing, and reverse mortgages.
ARA covers the Greater Los Angeles areas, see ARA's Appraisal Coverage Area
About FHA Loan
An FHA loan is a federal assistance mortgage loan insured by the Federal Housing Administration (FHA), a federal agency within the U.S. Department of Housing and Urban Development (HUD). FHA does not make loans, rather, it insures loans made by private lenders. Available to ALL buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.
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Comparing to conventional loans, FHA loans are easier to qualify, even with some credit problems. It requires smaller down payment. The closing cost can be financed with the mortgage.
An FHA home loans are assumable, which means if you want to sell your home, the buyer can "assume" the loan you have, without the additional cost of obtaining a new loan.
However, FHA limits the loan size that a borrower can borrow. To find out FHA loan limits in Los Angeles County, San Bernardino County, Orange County, and Riverside County, click the chart to the right. |
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FHA loans are not regulated by HVCC, you can Order FHA Appraisal directly from our FHA Approved Appraisers. Here at ARA Real Estate Appraisals Inc, we will be happy to help your FHA loans transactions right away.
FHA Loan Types
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Below are several notable FHA Home loan programs, click on the title to learn more about the program:
Fixed Rate Mortgages...Section 203(b)
This is the most commonly used FHA program. You may use this program to purchase or refinance a one to four units principal residence. It offers a low down payment, flexible qualifying guidelines, limited lender's fees, and a maximum loan amount. |
| You do not need to be a first time home buyer to qualify for an FHA 203(b) mortgage. |
Morgages for Condominium Units...Section 234(c)
FHA Condominium Loans are specifically designed for buyer who purchases a unit in a condominium building. Many features of FHA 234(c) program are similar to those of FHA 203(b) for one to four-family homes.
Adjustable Rate Mortgages...Section 251
Section 251 insures home purchase or refinancing loans with interest rates that may increase or decrease over time, enabling consumers to purchase or refinance their home at a lower initial interest rate. This program can be used with other widely used FHA program, such as 203(b), 203(k), 234(c), to lower the initial interst rate and monthly payment, but these may change during th life of the loan.
Rehabilitation Mortagage Insrance...Section 203(k)
FHA 203(k) loan program is HUD's primary program for revitalizing run down properties and neighborhoods. It enables a home buyer to purchase a home in bad shape and make the necessary repairs to rehabilitate the property. An "After Improved Value" appraisal will be required from an FHA approved appraiser.
Energy Efficient Mortgage
The FHA Energy Efficient Mortgage program (EEM) helps current or potential homeowners significantly lower their monthly utility bills. It allows them to incorporate the cost of energy efficient improvements into their new FHA home loan or FHA refinancing loan.
Reverse Mortgages for Seniors
 Reverse mortgages are also know as Home Equity Conversion Mortgage Program (HECM). They are becoming more and more popular. Reverse mortgages are a special type of home loan provides senior homeowner with cash based on the equity in the house. This program can give older Americans greater financial security to supplement social security, meet unexpected medical expenses, make home improvements, and more.
The amount that you can borrow is based on current interest rates, the lesser of the home’s appraised value or the FHA loan limits for the area; and the age of the borrower(s). The loan is not paid back until the borrower either dies or decides to sell the property and move.
Streamline Financing
Streamline refinances are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage and must involve no cash back to the borrower except for minor adjustments at closing not to exceed $500.00.
Streamline refinances can be insured with or without an appraisal. If an FHA streamline refinance is done without a property appraisal, the new loan amount cannot exceed the original loan amount. When an appraisal is completed, FHA does not require the repairs (except for lead based paint repairs) to be completed, however the lender may require completion of repairs as a condition of the appraisal.
FAQ for FHA Loans and FHA Appraisal Inspections
How can FHA help me to buy a home?
Where to find Housing Counseling Agencies?
Where to look for California HUD homes?
Where to find FHA approved lenders?
What's the new FHA appraisal requirement for declining markets?
More on FHA Loans and FHA Appraisals
Handbooks, Mortgagee Letters and Forms, Policies & regulations
FHA FAQ
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