New FHA rules will allow first-time homebuyers the chance to reduce their fees for mortgage insurance. It's not Christmas, so there is a small price to pay, but in this case, it will only cost you time. If you participate in this three part education program, FHA HAWK (Homeowners Armed With Knowledge), you can get up to .5 percent savings on your mortgage insurance. This adds up to $9800 on a 30-year loan for a $180,000 mortgage. The cost of the class will vary between $300-$500 but it will be subsidized or reimbursed by the FHA. The program starts on October 1.
To read more about this new program, click on the following link. http://realestate.aol.com/blog/2014/08/31/first-time-homebuyers-fha-hawk/
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