Finding Assistance AndIncentive Programs (NAPSA)—Although the Federal Home Buyer Tax Credit program has ended, potential homebuyers who missed the contract deadline should not be discouraged. There are many other programs available to help homebuyers; the key is knowing where and whento look. wig Z La With a little research, homebuy- ers can find various assistance and incentive programs. Neighborhood, county and state housing programs provide low interest rates or funds to help make homeownership more affordable. Many programs are aimed at first-time homebuyers, while other programs are based on incomeor geographiccriteria. The assistance programs work in conjunction with and in addition to your mortgage loan and may help you qualify. Here are tips to help house hunters find and compare assistance programs as they look to buy a home: Do your homework. Look for online tools that can help you cull through all the information out there. Visit http://neighbor hoodlending.bankofamerica.com to find specific information and tips on various assistance and incentive programs. Call state and local housing agencies. Some agenciesstill offer some type of tax credit, so contact them to find out if the home purchase qualifies. Ask a real estate agent. Manyagents are well versedin all types of programs, including applying for governmentassistance through the Federal Housing Administration or Department of Veterans Affairs. Be persistent. Funding availability can be cyclical and tied to budget cycles, so stay in touch with local agencies to be ready to go when affordable housing funds become available. You may be able to get money from state and local governments to help you buy a new home. Ask a mortgage loan officer. Bank ofAmerica mortgage loan officers are able to identify pro- grams a buyer maybeeligible for from a database of more than 2,500 homeownership programs around the country and help secure funds from the housing finance agencies. “Homebuyer assistance programs have been aroundfor years as a way for local and state housing finance agencies to help their constituents into homeownership,” says Dottie Sheppick, Bank of America’s affordable housing authority. “These programs can be just the incentive a homebuyer needs to makea decision on where or whento buy a home.” There’s no particular formula for determining how muchis available or how funds are dispensed, and programs are constantly changing. For example, one program may give money toward a down payment while another might grant funds toward closingcosts. In some cases, income limits or first-time-buyer requirements are factors—butnot the only considerations—that agencies use to determine who gets funding. Learn More For more tips and tools on the homebuying process, check out the interactive online home loan guide at http://myhome.bankofamerica. com,
