The Realtors at Four Seasons Realty don’t want to see any eligible buyers miss the opportunity to get $8,000 from Uncle Sam.
The First Time Homebuyers Tax Credit expires at the end of this year and for this reason, Four Seasons is holding a free seminar Saturday, Aug. 22 from 10 a.m. to noon to educate buyers about the program.
In basic terms, the government will give anyone who has not owned a home in the last three years $8,000 to purchase a home.
Realtor Sandra Scott said she realized Rim Country Realtors were not doing enough to educate local buyers about the program after attending a seminar in the Valley. When she asked other Realtors how many buyers were taking advantage of the $8,000, most said it was a large portion of their buyers.
Hoping to capture first-time buyers in Payson, Scott approached Four Seasons owner Betty Gooder with the seminar idea.
“We want to educate the public that there is a way to buy a home,” Scott said.
The main thing buyers need to realize is they do not technically have to be a “first-time buyer,” Gooder said. They just cannot have owned a home in the last 36 months.
They also need to realize lenders are lending, she added.
On Saturday, a loan officer will explain the government program and lending options. Escrow will also be explained along with the overall buying process.
“This is an opportunity for Payson families to get a home,” she said. Housing in Payson is almost affordable again, Scott added.
For more information, call (928) 474-3851. The seminar will be held at the corner of Main Street and Highway 87 in the log cabin.
Basic information about the First Time Homebuyers Tax Credit includes:
• In order to qualify for the full $8,000 tax credit, the home being purchased must be at least $80,000.
• The tax credit does not have to be repaid as long as the owner lives in the home a minimum of three years.
• If the home is sold before three years of occupancy, the tax credit is repaid to the government.
• To obtain the maximum tax credit, a single homebuyer may have an adjusted gross income no greater than $75,000, and a couple no greater than $150,000.