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$6,000 State Fund - how to get yours

Buy a new home and get $6,000 from the State to use as down payment

March 12th, 2009

The $6,000 Down Payment Assistance Program has passed. Utah Senate Bill 260 - Housing Relief Restricted Special Revenue Fund.

The Utah Legislature has approved a measure that gives Utahns financial help with the down payment when buying a brand new home. Senate Bill 260, sponsored by Sen. Scott Jenkins, gives people $6,000 for the down payment on a new home.

The Standard Examiner reports the money would come from the $10,000,000.00 Utah is set to receive for housing assistance from the federal stimulus package. The money would go to more than 1,600 buyers on a first come, first serve basis. It's an effort to help homebuyers and home builders by reducing the number of new homes sitting on the market since a housing boom declined about two years ago.

This bill allows the Utah Governor to use $10 million of the federal stimulus for down payment assistance.

1. Up to $6,000 down payment assistance
2. For newly constructed homes
3. Not limited to first time home buyers
4. Income limits are $75,000 for single and $150,000 for married filing jointly
5. This can be used in addition to the federal tax credit of $8,000 for first time home buyer as defined in the federal act.

The grants would apply only to a 30 year fixed rate mortgage for people who make no more than $75,000 a year as a single or $150,000 a year as a couple or family. It's for first time homebuyers and existing homeowners who qualify.
Realtors and economists say this program could really help the housing market. The University of Utah's Bureau of Economic and Business Research told the Standard Examiner the program could create 8,000 jobs in Utah's housing sector and add $27 million in income tax revenue for the state.

The $6,000 Home Run Grant will be administered by the Utah Housing Corporation through mortgage companies. Home buyers will work directly with their mortgage brokers. Contact Garbett Mortgage immediately at 801-456-2439 and they can answer any questions you may have about the program. It is a time sensitive program and will only last until the money runs out, so take advantage of this exceptional opportunity now.

UPDATE - MARCH 19, 2009

Governor Huntsman Signs Bill for New Homes Grant

Salt Lake City – Utah Governor Jon Huntsman today signed Senate Bill 260, Housing Relief Restricted Special Revenue Fund. Upon his signature, he immediately directed the Utah Housing Corporation to begin dispersing 1,600 $6,000 grants to homebuyers purchasing a newly constructed home.

With more than 3,000 unsold newly built homes available and 18,000 Utah construction workers who lost jobs last year, this program is intended to directly deal with the most distressed area of our economy.

“It is up to the states to use the federal stimulus money in a way that truly has a beneficial impact on our economy. This is an immediate stimulus targeted at the weakest area of Utah’s economy,” Governor Jon Huntsman said. “This investment of $10 million will result in 8,800 jobs in the market and $324 million in wages into our economy. This boost is critical for us to reverse our current position.”

Additionally, Governor Huntsman is directing $1.8 million of discretionary federal stimulus money to provide foreclosure prevention and mitigation services through the Department of Community and Culture. Currently in our state, 15,000 homes are in foreclosure, doubling since 2007. The funds will be dedicated to prevention efforts through training and counselors.

The Home Run Program will be administered by the Utah Housing Corporation. The details of the program can be found at UtahHousingCorp.org.