Joseph Patane

Joseph Patane is IN state certified and on the FHA Roster of approved residential appraisers. This means that we are qualified and approved by the FHA to do reports for home loans backed by them. We're trained and understand the rules and procedures in FHA's guidance and policy documents.

If your house loan is FHA certified, that means that it has been guaranteed by the Federal Housing Administration, which is part of the United States Department of Housing and Urban Development (HUD). The lending organization provides all the finances; the FHA simply secures the transaction by providing mortgage insurance in case the borrower defaults on his or her loan. Low-income and moderate-income borrowers benefit from an FHA-insured loan; the purpose of the Federal Housing Administration is to cooperate with credit-worthy buyers to meet expectations and requirements for lending organizations that they otherwise would not.

Down payments are often lower with an FHA loan despite using conventional market rates. Purchasers with lower income or less starting funds to put down on a loan benefit the most from Federal Housing Administration loan programs.