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SALT LAKE CITY —
The Utah State Legislature
passed a bill last week that will provide $6000 grants to buyers of newly
constructed, never-occupied homes. The program, called “Home Run,” will be
immediately available to buyers who finance a recently constructed home with a
30-year fixed rate mortgage and meet other qualifications.
Senate
Bill 260 will create a fund that will use federal stimulus dollars to provide
1,666 grants that will be distributed through Utah Housing Corporation to Utah buyers on a
first-come, first-served basis.
Unlike the federal home-buyer tax
credit which is available until Dec. 1, the Home Run program will
only be in effect while grants are still available. We expect the grants
will go quickly, so we encourage anyone interested in taking advantage of this
program to start acting immediately.
To apply for the grant, home
buyers should work through any lender qualified to make mortgage loans under
Utah law. Lenders will work directly with Utah Housing Corporation to apply for
the grant money. At closing, the $6,000 will be credited toward the buyer’s
down payment or closing costs. Buyers can use any type of traditional 30-year
fixed-rate mortgage to qualify, including conventional, FHA, VA, USDA and Utah Housing loans.
Consumers do not have to be first-time buyers to qualify for the program but
incomes cannot exceed $75,000 for singles and $150,000 for married couples.
Buyers who qualify can take advantage of both the $8,000 federal home-buyer tax
credit as well as a Home Run grant.
The Home Run program aims to clear the excess supply of unoccupied real estate
inventory on the market.
For
more information regarding this program and others available, please contact us
directly at
contact@mountainvalleyexperts.com
You
can also contact us at
801-829-6600
or
801-876-3900