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Lower Your Mortgage Payments Just By Learning

FHA HAWK ProgramHAWK program image

Here at Dwell Residential Brokerage, we support educating everyone on the process of buying and owning a home, since it equips you with a better financial future and a happier home owning experience. That’s why we’re so excited about the new FHA program that grants an added financial incentive to learn!

There’s a new program in town from the Federal Housing Administration, called the HAWK program, which stands for Homeowners Armed With Knowledge. This program is right up our alley since it’s all about educating YOU!

An FHA loan is a good option for first-time homebuyers to at least look into, because they offer the lowest downpayment around. Before the HAWK program, one reason many home buyers chose other options with a higher downpayment was because of the high mortgage insurance premium that goes along with an FHA loan. Now with HAWK lowering the mortgage insurance, an FHA loan is again becoming a good option. As you can see, mortgage options change all the time, so we just want to keep you posted on what’s best right now.

“HAWK Homeowners” will be granted reduced upfront mortgage insurance premium, reduced annual mortgage insurance premiums, and, with a strong payment history, access to an MIP reduction two years after closing.

HAWK Homeowners will get:

1. 0.50 percentage point reduction in upfront MIP
2. 0.10 percentage point reduction in annual MIP
3. If there is no 90-day delinquency within the first 18 months, beginning with the start of the loan’s third year, annual MIP will reduced 0.15 percentage points

Homeowners using FHA HAWK will pay less to their lender monthly, and will realize a lower APR as compared to homeowners not using HAWK.

The counseling totals about 8 hours and topics include understanding the home purchase and mortgage process, how to evaluate mortgage products, rights and responsibilities of homeowners, mortgage loan information, costs of homeownership, expectations for closing, how to prepare household budgets and what to do in the event of a financial hardship.

For more information, visit: http://portal.hud.gov/hudportal/documents/huddoc?id=OHC_HAWKFAQ052114.pdf

Feel free to reach out to us, so we can discuss this program and others that will lower the cost of purchasing your home!