New home buyers in Utah may qualify for $6,000 in mortgage assistance with the Home Run Grant. If the home buyer is a first-time home buyer, the grant may also be combined with the new $8,000 federal tax credit for additional savings.
Approximately of 1,600 grants are available for home buyers who purchase a newly-constructed, never-occupied, primary, single-family residence in Utah. The grants will be given on a first-come, first-serve basis.
Individuals do not have to be a first time home buyer to receive the grant, but must meet the requirements to be eligible. Home buyers have income restrictions of $75,000 for a single person and $150,000 for a married couple.
In addition to the income restrictions, the property has to be occupied within 30 days of closing by the home buyer as their primary residence. If a mortgage loan is needed to purchase the property, the loan must have a fixed interest rate and amortize with a term of 30 years or less. Home buyers also need to have a Home Run Grant Commitment before the transaction closing.
Applications for a Home Run Grant need to be submitted through the home buyer’s mortgage lender. More information about the program and how many grants are still available can be found on the Web site for the Utah Housing Corporation.
###
Praedo Institute has been offering mortgage and real estate education to industry professionals since 2003. Online courses are available to fulfill pre-licensing and continuing education requirements. Education courses were first offered in Utah, but Praedo Institute has now expanded to assist industry participants with education requirements for multiple states. Praedo Institute works closely with industry and state regulators to educate individuals of any changes or updates.
No comments:
Post a Comment