Thinking about buying an Oceanside home with an FHA loan? Soon you could save an average of $325 per month on your mortgage insurance premium or $10,000 over the life of your loan.
The Federal Housing Administration (FHA) has announced that under the HAWK program, borrowers who take housing counseling courses before signing the contract to buy a home and again before closing, could earn discounts on their upfront mortgage insurance cost as well as a reduction in their annual premium. Additional discounts would also be earned after two years without delinquent payments.
The idea behind the HAWK program is that the more borrowers understand about homeownership, the less likely they are to make decisions that could lead to defaulting on their loans.
If you are planning on buying a new home in Oceanside, the $10,000 discount over the life of your mortgage may not seem like a lot but could actually mean the difference between qualifying and not qualifying for your home loan.
The FHA said borrowers should be able to start applying for the HAWK program by the end of 2014. Find FHA approved homes in Oceanside by clicking HERE.
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