$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.
AND you can still qualify for the 8,000 tax credit if you are a first time homebuyer!
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