Department of Housing and Urban Development May 15, 2014 – Federal Register Recent Federal Regulation Documents

This notice solicits public comment on a proposed four-year, two-phase, housing counseling pilot, ``HAWK for New Homebuyers.'' HAWK stands for Homeowners Armed With Knowledge, and serves as an umbrella term for several initiatives to link HUD's Housing Counseling program with FHA-insured mortgage origination and servicing. The HAWK for New Homebuyers pilot will provide FHA insurance pricing incentives to first-time homebuyers who participate in housing counseling and education that covers how to evaluate housing affordability and mortgage alternatives, to better manage their finances, and to understand the rights and responsibilities of homeownership. The goals of the HAWK for New Homebuyers pilot (HAWK Pilot) are to test and evaluate program designs that meet these objectives: To improve the loan performance of participants and reduce claims paid by FHA's Mutual Mortgage Insurance Fund (MMIF); To expand the number of families who improve their budgeting skills and housing decisions through access to HUD-approved housing counseling agency services; and To increase access to sustainable home mortgages for homebuyers underserved by the current market. The Supplementary Information section of this notice provides the details of the pilot. HUD welcomes public comment, and all comments will be taken into consideration by HUD.