Blueprint for Access Program

 

The Federal Housing Administration (FHA) just issued its “Blueprint for Access” outlining the additional steps they are taking to expand access to credit for underserved borrowers.  Click on the above graphic to see the entire Blue Print for Access plan, or CLICK HERE to read their announcement.  A couple of points from the announcement:

– This week HUD will publish a notice in the Federal Register for the Homeowners Armed with Knowledge (HAWK) pilot program to further incorporate housing counseling into the home buying process for borrowers using FHA insured financing.  This is aimed at improving buyers’ budgeting skills and housing decision.

– Under the four-year HAWK for New Homebuyers pilot program notice, homebuyers who commit to housing counseling will qualify for tangible savings on their FHA-insured loans.  

– A healthy housing market is key to a sustainable economic recovery and the economic crisis significantly constrained credit, making it tough for anyone with less than perfect credit to obtain a mortgage.  Shutting these creditworthy borrowers out of the market hurts American families and undermines efforts to build more stable communities, create pathways to the middle class, and increase homeownership opportunities for minority and low-wealth borrowers.  FHA is committed to finding ways to responsibly increase access for underserved borrowers.

Read the details on the links above, and don’t forget that OWN THIS HOME TEAM is here for all of your real estate needs!