$6,000 Utah Home Run
Grant
Answers to all your questions about the $6,000 Utah Home Run
Grant
Steps to obtain a Home Run
Grant?
• Buyer signs a contract to purchase
a newly-built, never-occupied, single-family home.
• Buyer applies for mortgage loan through an Approved Home Run
Mortgage Lender ("Approved Lender") and obtains written loan
underwriting approval.
• Buyer furnishes Certificate of Occupancy or Municipal Final
Inspection to Approved Lender.
• Approved Lender submits a Home Run Grant Request to Utah
Housing with the required documentation.
• Approved Lender receives from Utah Housing a written Home Run
Grant Commitment authorizing the Grant for the Buyer.
• The purchase closing is scheduled at a title company.
• As soon as closing documents have been signed, the title
company faxes required documents to Utah Housing to request
that a wire of $6,000 be sent to the closing.
• The Home Run Grant Commitment must be dated prior to the
closing documents.
What is the $6,000 Home Run
Grant?
The Home Run Grant is a mortgage
assistance program that grants $6,000 to home buyers who
purchase a newly-constructed, never-occupied, primary,
single-family residence in Utah. The Home Run Grant is funded
by the Housing Relief Restricted Special Revenue Fund,
established by Utah Governor Jon Huntsman, the Utah State
Legislature, and Utah Housing Corporation.
Who is eligible to receive a
$6,000 Home Run Grant?
• Home buyers (any person taking title) must meet the following
income restrictions:
Single person, $75,000
Married couple,
$150,000
If more than one unmarried
person is taking title to the Eligible Home, each such single
person is subject to the $75,000 income limit.
• Home buyers must occupy the purchased home as a primary,
permanent residence no later than 30 days after closing.
• If home buyers need a mortgage loan to purchase the home, the
loan must be a fixed interest rate, amortizing mortgage loan
with a term of 30 years or less. Cash buyers can also qualify
by contacting Utah Housing Corporation directly.
• The Home Run Grant Program is effective for home purchases
closed after a Home Run Grant Commitment has been issued for
that specific transaction. Unfortunately the grant funds may
not be issued for homes purchased without the Home Run Grant
Commitment.
• Persons who already own their lot are not eligible for the
Home Run Grant.
What homes can be purchased with
a $6,000 Home Run Grant?
Homes must be newly-constructed, single-family residences that
have a Certificate of Occupancy or a Final Inspection from an
applicable municipality. They cannot be previously-occupied.
Eligible property types include single-family detached homes,
condominiums, planned unit developments (PUD), twin homes, town
homes and manufactured homes permanently affixed to a
foundation.
How does a home buyer apply for a
$6,000 Home Run Grant?
Apply for a grant through an Approved Lender. Approved Lenders
are the key link between a home buyer and the Home Run Grant
and are listed on this website. The Approved lender assists a
home buyer to provide necessary information to secure the grant
from Utah Housing Corporation. A home buyer does not work
directly with Utah Housing Corporation (unless it is a cash
buyer).
How does a home buyer get the
Home Run Grant funds?
To get a first-come, first-served written commitment for the
Grant, a home buyer must:
o Enter into a written contract to purchase a
newly-constructed, single-family home.
o Contact a lender and obtain final underwriting approval for
any needed financing.
o Have your mortgage lender furnish required documentation to
Utah Housing Corporation for the Grant.
o Utah Housing will reserve the $6,000 Grant for 30 days.
What type of loan can a home
buyer use to purchase the home?
If a home buyer needs a mortgage loan, it must be a fixed
interest rate loan with a term of 30 years or less. Loans may
be obtained from any Approved Lender qualified to make mortgage
loans under Utah law. Examples of qualifying loans include:
* Conventional
* FHA, VA, or Rural Housing
* Utah Housing Corporation’s FirstHome and FirstHome Plus
Do I have to be a first-time home
buyer to get a Home Run Grant?
No. Home Run Grants are available to all home buyers who meet
the income restrictions of $75,000 for singles, $150,000 for
couples and, if more than one single person takes title, the
$75,000 limit applies to each such single person.
Can the $6,000 Home Run Grant be
combined with the new $8,000 federal tax
credit?
Yes, if a home buyer is a first-time home buyer and meets the
independent criteria of both the federal and Home Run programs,
they may take advantage of both. The $6,000 Home Run Grant is
available to both those who are first-time home buyers as well
as those who previously owned a home. The $8,000 federal tax
credit is available only to first-time home buyers.
How many Home Run Grants are
available to home buyers?
A total of approximately 1,600 grants of $6,000 will be
available. Only one grant can be used for the purchase of each
home. Home Run Grants are distributed on a first-come,
first-served basis to qualified home buyers. The approximate
number of remaining grants will be posted on the UHC web page
at www.utahhousingcorp.org.
Is the Home Run Grant
taxable?
The Home Run Grant may be taxable as income under federal and
state tax laws. UHC has requested a ruling from the Internal
Revenue Service (IRS) about whether or not a Home Run Grant
will be taxable. UHC does not give tax advice and home buyers
should review all pertinent tax information in connection with
the preparation of their 2009 tax returns.
Still have questions? Contact
us
Linda Bills
Home Solutions in Utah
25 years experience and some new ideas on how to buy and sell
Real Estate.
by Linda Bills - 05-14-09
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For more information visit our web site at
http://homesolutionsinutah.com
Source: http://homesolutionsinutah.com
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