Nancy Starczyk: FHA buyers save with HAWK

SOURCE: Mortgage News Feed

A new program to be rolled out in early October is expected to open home ownership to moderate-income buyers while reducing the impact of the Federal Housing Administration’s high annual mortgage insurance premiums. Mortgage insurance protects lenders if a borrower defaults, yet premiums are so high that tens of thousands of hard-working Americans cannot buy a home. FHA fees now make up 20 percent of a monthly mortgage payment for buyers with a low downpayment.

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