Bank of America Offers Tips for House Hunters as the Home Buyer Tax Credit
Anyone considering buying a home should circle April 30 on the calendar.
(PRWEB) April 8, 2010 -- Bank of America is offering tips to prospective homeowners interested in taking
advantage of the Home-Buyer Tax Credit, which is set to expire on April 30. In order to qualify for this tax credit,
contracts to purchase homes must be signed by this date. The credit is an added bonus for eligible first time
buyers and existing owners ready to move up to another home.
First time buyers are classified as single people, or both partners of a married couple, who have not owned a
principal residence in the three year period prior to the new home purchase. The Home-Buyer Tax Credit allows
these buyers to earn a tax credit up to $8,000 or ten percent of the purchase price of a home, whichever is lower.
Repeat buyers, or those who have owned and lived in the same primary residence for five consecutive years
within the last eight years, can earn a tax credit up to $6,500 or ten percent of the purchase price of a home,
whichever is lower.
According to Bank of America, both first-time and repeat home buyers should be familiar with several things
before beginning the search for a new home, including: his or her ability to comfortably afford and pay for a
mortgage, the home buying process, how the tax credit works and the deadlines for closing dates.
“As a leader in responsible lending, our mission is to educate consumers on their mortgage options and the
responsibilities inherent in long-term successful homeownership,” says Todd Dal Porto, Enterprise Sales
Executive for Bank of America Home Loans. “As consumers consider the advantages of the home buyer tax
credit for their own personal situation, Bank of America’s mortgage loan professionals are prepared to walk them
through the process and answer their fundamental questions.”
Home buyers looking to take advantage of the Home-Buyer Tax Credit should be aware that: