Buying a Home in Salt Lake City, UT

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$6,000 Utah Grant for New Construction Not Just for First Time Homebuyers - Does Not Have to be Repaid

state of utah $6000 home purchase grant

The State of Utah is offering purchasers of new construction a $6,000 grant that does not have to be repaid. You do not have to be a first time home buyer to qualify, but there are a few limitations.

Here are the basics of the "Home-Run" grant:

Does the amount of the grant vary? Is it up to $6,000? No. The amount of the grant for qualified applicants will always be the full $6,000.

Does it have to be re-paid? No. The $6,000 grant does not have to be re-paid.

Do I have to live in the home? Yes. The grant is for owner-occupied transactions. You must move into the home as your primary residence within 30 days of closing.

Do I have to be a first-time homebuyer? No. You need only to purchase a newly constructed home that has not yet been lived in.

Where did the money come from? From the Federal stimulus money given to Utah.

Are there income limitations to qualifying? Yes. A single Buyer cannot earn more than $75,000 per year and a couple that files jointly cannot earn more than $150,000 combined.

Does taking this grant disqualify me from the $8,000 Federal Tax Credit being offered by the Federal Government? No. There is an up to $8,000 federal tax credit for first time homebuyers who purchase a home between January 1, 2009 and December 1, 2009. (Details here) If you qualify for the $8,000 tax credit, you probably qualify for the $6,000 grant and can receive a total of $14,000 in credits/grants if you purchase new construction in Utah.

How long does this program last? While supplies last. There are only about 1600 grants available and once they are gone, they are gone for good.

Why the $6,000 grant? Lawmakers believe that this will help move some of the over 2,000 completed new construction homes on the market that are currently unsold.

How do I receive the money? When you have identified a property, your lender can submit the paperwork to reserve one of the grants available. At closing, $6,000 will be wired to the title company to be used on your behalf. It can be applied toward closing costs, fees, even down payment.

Are there any other restrictions? You must purchase the home with a 30 year (or less) fixed-rate mortgage. (FHA, VA, Utah Housing, Conventional are all options)

Bill text: http://le.utah.gov/˜2009/bills/sbillamd/sb0260s02.htm

Signed into law by Governor Jon Huntsman March 19, 2009

Lender info

If you are considering buying new construction in Salt Lake City or the Surrounding Area, make sure you get an Agent on YOUR side of the transaction!

If you have excellent credit and will be buying a $300,000-$800,000 home in the next 90 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.

 

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Comment balloon 5 commentsBenjamin Clark • March 20 2009 01:17PM

Comments

That sounds great.  Unlike the federal tax credit, the buyer can use it for closing. 

Good use of stimulus money.

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 10 years ago

Benjamin,

Hats off to Utah for using common sense to solve a real problem...!!! I love this use of stimulus dollars...!!! Thanks,   Fran

Posted by Fran Gaspari, "The Title Man" - Title Insurance - PA & NJ (Patriot Land Transfer, Inc.) over 10 years ago

Benjamin, that is a great plan to stimulate the new construction market! I think more states should do that. Thanks for the info.

Posted by Mike Mitchell, REALTOR (R) (Real Living Kee Realty) over 10 years ago

Benjamin, this sure does beat giving the money to the Wall Street guys! 

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 10 years ago

We have a similar program here in California.  I am sseeing a lot of people trying to buy this year to take advantage of the tax credits.

Posted by Carol Lee, Realtor - Agoura, Oak Park, Westlake CA Homes (Dilbeck Real Estate) over 10 years ago

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