$6,000 Government Housing Grant Approved

Utah is leading the way in economic recovery by choosing to ACT now and make smart decisions on our future and what drives our economy. Amazingly enough if you go downtown right now you will find more building construction going on then in most of the country given the current economic state. Construction drives this great state and Utah would like to get housing construction back on track. One way to do this is to clear out builders standing inventory and Utah has just approved a new grant to help do so.

With Governor Jon Huntsman’s encouragement our state legislature has passed a state sponsored housing stimulus program this week. This down payment assistance program, administered by the Utah Housing Corporation (UHC), will be available to qualified buyers of newly constructed homes. A total of $10 million has been appropriated by the state legislature. This appropriation will provide $6,000 grants for 1,666 Utah home buyers.



Just as the state acted quickly home buyers must also act quickly to claim their grant. Once the money for this program runs out.... It's gone.


To apply for a grant, an application must be submitted by the homebuyer’s lender. A grant can only be locked in when the loan is fully underwritten. The funds are wired in by UHC at time of closing and can be used to pay closing costs, buy-down rates, or as the down payment towards the purchase of any newly constructed home.


You do NOT need to be a first time home buyer to apply for this grant, however if you are a first time home buyer you can use this grant and still qualify for the $8,000 first time home buyer tax credit.

As long as the buyer meets income requirements of $75k for an individual and $150k for couples filing jointly a Home Run grant can be used on the purchase of any newly constructed home.

Key Program Facts

• The $6,000 Home Run grants can be used with the $8,000 federal tax credit
• Funds are immediately available at closing
• Home Run grants are only available for newly constructed homes
• Must be occupied as principal residence within 30 days after closing
• Co-signer can sign on loan but not on Title
• Income limits are the same as the Federal First Time Home buyer Tax Credit
• Deal must be fully underwritten in order to apply for grant
• Mortgage lender must request the funds for the buyer by submitting the following:
o Appraisal
o Certificate of Occupancy
o “Clear to Close” Form
o Grant Request Certification
• Conventional, FHA, UHC, USDA, VA and other loan types are eligible as long as it is a 30-year fixed rate loan
• $6,000 grant may need to be claimed as taxable income (a definitive ruling from IRS is pending)

My team is currently leading the way on this new grant and working with lenders in the know to make this grant a reality for as many as possible. Rates are low, new construction home prices are down, and down payment assistance is back for a limited time!

If you are in the market for a newly constructed home purchase I would love the opportunity to help you take advantage of this new program.

Please visit our new site www.ListedInUtah.com where you can view eligable properties by clicking on the "Home Run" button. If you have any specific questions please call me any time

-Dave 801-330-3963