There is a new form of financial aid for home buyers looking for newly
constructed Utah real estate, namely, the Utah Home Run Grant. Though the grant
stipulates that the new Utah home has to be new, and that it has to be single
family, it does not have to be a house with a yard and a white picket fence. It
can also be a duplex, condominium, townhouse, or anything that is considered a
single family residence, as long as it has never been previously occupied.
What is it, and how does it work, you ask? The Home Run Grant is a mortgage
assistance program that can grant up to $6,000 for Utah home buyers, applicable
toward newly constructed Utah real estate. It was issued by Utah Governor Jon
Huntsman, and is funded by several organizations and funding programs in the
state of Utah.
So how do you go about applying for this grant? Your mortgage company will
handle most of the application process. The buyer does not directly interact
with the Utah Housing Corporation. After you let your mortgage lender know
you’d like to apply for the Home Run Grant, they will begin the process of
gathering information needed to submit for a grant. The grants are awarded on a
first come, first serve basis – there are no criteria that make one buyer more
eligible than another, as long as all the general eligibility requirements are
met.
To be granted the Home Run Grant Utah home buyers must be contracted in a
purchase agreement, have underwritten lender approval for additional financing,
and the mortgage company must submit all necessary documentation. The whole
thing is fairly simple, compared to a lot of grants that make you jump through
eighty-seven different hoops and rolls of red tape just to apply. This is good
news both for Utah realtors, and for state residents looking at homes for sale
in Utah. The Home Run Grant can help make a home more affordable for you.
Home loan plans are also a factor in the award of the grant. A home loan must
be financed for 30 years or less at a fixed interest rate. The kinds of loans
accepted for the sale of a home in Utah are conventional loans, FHA or VA, or
Rural Housing, and Utah Housing Corporation FirstHome or FirstHome Plus loans.
Once the grant is awarded, the buyer has 30 days to use and move into their
newly purchased Utah home. A total of 1,600 grants are awarded each year. To
check how many remaining Home Run Grants are left, or to garner more information
about the Home Run Grant, you can go online to the website at
www.utahhousingcorp.org
