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Homeowners Armed With Knowledge | H.A.W.K. PROGRAM

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  • 07.24.2014

Homeowners Armed With Knowledge | H.A.W.K. PROGRAM

Author: Dragas Team


The FHA recently announced a program entitled Homeowners Armed With Knowledge (H.A.W.K.). H.A.W.K. is a housing counseling program created to increase access to credit for first-time homebuyers who are often underserved.
Consumers who participate in housing counseling get individualized, objective advice on understanding the rights and responsibilities of homeownership, addressing credit and savings barriers, and meeting their overall housing and financial goals. -U.S. Dept. of Housing and Urban Development
Studies have shown that Housing Counseling  participants have a 29%  lower delinquency rate. The launch of this program is a step towards the official integration of housing counseling into the home buying process. Loansafe.org - Free Online Mortgage Assistance organization detailed the benefits of the program---
For participating in the program, FHA will give borrowers who qualify a 50 basis point reduction in the upfront mortgage insurance (MI) premium and a 10 basis point reduction in the annual premium at the time of loan origination. Eligible borrowers will have to be to first-time homebuyers who also complete the HUD approved housing counseling program. In addition, mortgages that remain in good standing will also receive further fee reductions, which could add up to thousands of dollars in savings over the life of their loan.

Buying a home is one of the greatest investments you'll make in your lifetime; being armed with knowledge will be your greatest asset. We here at The Dragas Companies make it a point to keep you informed and aware so that you too can be a confident, responsible homeowner.