Home loans are about to go on the discount rack for first-time buyers willing to spend a few hours learning the ropes of home-ownership, from applying for a mortgage to choosing a contractor for a kitchen remodel.
The Homeowners Armed with Knowledge program, or HAWK, was announced by the Federal Housing Administration last month as a way for homebuyers to cut their mortgage insurance premium costs by attending housing counseling classes. The idea is that the more borrowers understand about home-ownership, the less likely they are to default on their loans, reducing the risk for FHA.
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