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Thursday, March 12, 2009

Utah To Grant $6,000 to Home Buyers

Earlier today the Utah State Legislature passed the Housing Relief Restricted Special Revenue Fund. This fund grants $6,000 to individuals who purchase a home in Utah. There are a few stipulations:

  • The home must be a "newly constructed" residence which includes all homes that have never been occupied.
  • Income limits apply as you will not qualify for this grant if you as an individual make over $75,000 or as a couple make over $150,000 annually.
  • The number of grants is limited and are available on a first come first served basis. Approximately 1666 grants are available (10 million dollars)
  • This grant is for any home buyer (as opposed to first-time home buyers exclusively)
This money can be used as a down payment or for closing costs. $6,000 by itself would probably not do much to force potential home buyers off of the fence, but when you consider all of the other factors ($8,000 tax credit, low interest rates, builder incentives) I think that this will definitely push a few buyers off of the fence. Especially in a time where the down-payment seems to be the biggest hurdle as the credit crunch continues.

For Daybreak, I think that you will see a definite uptick in the market for new homes as builders with more affordable options will be selling some inventory. As for how this will affect the existing home market, I can't be sure. There are great deals to be found in foreclosures and short sales.

To apply for your grant, visit the Utah Housing Corp website.

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