Home Buyers! Take a Class and Get a Discounted FHA Loan!
A few hours in the The Homeowners Armed with Knowledge program, or HAWK, and you may save $10,000 over the life of your loan according to Kimberly Miller of REIS Media. This savings is a result of the discounts for mortgage insurance. Upfront mortgage insurance is 1.75% of the loan amount. Plus, monthly premiums are 1.35%. Both costs can be reduced by attending the classes before signing a contract and after closing. And after 2 years of on time payments they can qualify for an additional discount. This is a great opportunity for first-time home buyers or growing families to move up.
The program was announced last month and the public comment period ends in August. Borrowers may be able to apply by the end of the year. FHA insures loans typically for underserved populations. Borrowers can get an FHA-backed loan with as little as a 3.5 percent down payment and a credit score of 560. If you are looking to buy in Sarasota, Florida a knowledgeable Realtor is the best place to start. Go here for more information about what a Realtor can do for you. Or you can go to the classes that will be taught by agencies approved by the U.S. Department of Housing and Urban Development. To find housing counseling agencies in your area, go to HUD.gov.