June 6, 2014
The FHA and HUD have announced June as National Home Ownership Month, an effort to raise awareness of a variety of issues including the recent push to expand FHA loan access to under served borrowers through a special program known as HAWK, or Homeowners Armed With Knowledge.
HAWK is particularly relevant to FHA borrowers because it could potentially save program participants about $10 thousand over the lifetime of an FHA home loan. HAWK is a new program under development, and according to the FHA/HUD it’s viewed as a key part of saving the American Dream of home ownership for borrowers current and future.
“Under the HAWK pilot program, homebuyers who commit to housing counseling will qualify for tangible savings on their FHA-insured loans. The average buyer would save approximately $325 a year – or nearly $10,000 over the life of their loan. By completing HUD-approved housing counseling provided through independent nonprofit organizations, people will be given the tools they need to understand the rights and responsibilities of homeownership.”
That’s according to the press release titled, “HUD Kicks Off National Home Ownership Month”, which adds, ““Homeownership Month is a time to reaffirm the important role that ‘home’ plays for our families and the neighborhoods where they live,” said HUD Secretary Shaun Donovan.”
Donovan was also quoted in the release saying, “Owning a home has historically been the principal vehicle for Americans to build equity, start businesses, put kids through college, and retire with comfort and dignity. After all we’ve been through, we must stand by an institution that has helped build our nation’s middle class.”
For more information on how HAWK can help save you money on your new purchase FHA home loan, speak to your loan officer or contact the FHA directly at 1-800 CALL FHA for assistance.
Do you have questions about FHA home loans? Ask us in the comments section. You can get information about applying or getting pre-approved for an FHA loan at FHA.com, a private company and not a government website.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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