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Senate Ok’s $6000 New Construction Grant for home Buyers.

Posted by UtahCribs, Real Estate, Homes on March 18, 2009

We are getting a lot of questions about the new Bill that the Utah State Legislature just passed. The bill has passed, we are still waiting on some of the details to be outlined. I will out line a few major points of the Bill.

-It is a $6000 Grant on all New Construction homes.
-It will be limited to the first 1,600 people who apply and qualify! (what are those qualifications?)
-Only applies to 30 yr fixed mortgages. Meaning no arms, or interest only. Not like those really exist anymore anyway.:)
-An individual can not make more than $75,000 a year or combined income with significant other of $150,000.
-Home has to be new construction, defined as a home that has never been lived in. There are many homes in the salt lake valley that have been for sale for 2 years but never been lived in so they would also qualify for the Grant.

The important part that everyone should be aware of is the total amount is $10 million. Once the money is gone, its gone. First come first serve basis. So you need to act fast. If you are buying a new construction home in Utah right now you need to get on the list right away. The money is going to be available immediately. We can get you on the list so you will receive your free $6000 New Construction Grant for your new home. I am so proud of the State legislature for this idea. This is a great way to help the consumer. They got my vote…

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9 Responses to “Senate Ok’s $6000 New Construction Grant for home Buyers.”

  1. Brad Miles said

    I think this is a great way to start stimulating the economy. I have felt all along that the we need to have a “trickle up” effect, meaning money needs to flow from the normal everyday consumer back into the economy instead of trying to have money trickle down from the government and big businesses to the consumer.

    I am excited to see what happens with this new $6,000 grant. Hopefully it clears out some of the inventory. Combine it with the $8,000 tax savings and it will be a great year for people to buy.

  2. Jennifer Frandsen said

    We just bought a new home at the end of February that we had built for us. Are we eligible for this?

  3. Leslie said

    Do you know how to get on the list or what I need to do to reserve the money? My husband and I meet all the requirements and we have just had an offer accepted on a new contrusction home.

  4. Leslie said

    Thank you, Jake. I do have a lender and have already begun signing all of my paperwork. He hasn’t been terribley helpful, the information he has on it is what I have given him, but I know that the lender is one of the largest in the state and is approved to receive the funds. Can you already start reserving the money? I’m so afraid I am going to miss it!

  5. yes, it can now be reserved. If you are in the works NOW though and you have confidence in your L.O. you will get money….don’t worry about it all. I think the money will last into the fall at least. Right now we are only having about 100 new build closings a month. I am sure that will increase but that means the $$ would be around for 16 months. Don’t Stress!

  6. Leslie said

    That’s a relief! Thank you for your help. We had an offer accepted on Monday. One last question, I have heard that there is a deadline on the number of days between the accepted offer and closing in order to be eligible as well. We put the property under contract on Mar. 16 and are set to close on April 24… does that meet the criteria, if any?

  7. Yep, with those dates you will be fine! Just make sure your loan officer is applying for it NOW–

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