HOME RUN 2 GRANT

As announced by Gov. Gary R. Herbert, there is a new $4,000 grant (Home Run 2 Grant Program) to assist home buyers. This cash grant, coupled with low interest rates, stable home prices and the $8,000 Federal Tax Credit for first time home buyers will enable many Utahans to achieve the dream of owning a new home. As with the original Home Run program, the Home Run 2 Grant will be administered by Utah Housing Corporation. Grant funds will be wired to the settlement agent closing the home purchase transaction.  Funding will be available for approximately 1,950 grants.  The approximate number of remaining grants may be viewed at all times on the Utah Housing website at www.utahhousingcorp.org.

How is Home Run 2 different from the first Home Run program? The first Home Run program, which ended in June 2009, provided a $6,000 grant to eligible home buyers. Home Run 2 provides a $4,000 grant. The first program required that homes be ready for occupancy upon closing. Home Run 2 buyers have two additional options. They can purchase a home that is contracted for construction or partially finished and contracted for completion. Homes that have been previously occupied do not qualify.
Who is eligible to receive a $4,000 Home Run 2 Grant?
Home buyers who did not receive a $6,000 grant under the previous $6,000 Home Run Grant Program. Home buyers (any person taking title) must meet the following income restrictions:
Single person, maximum income, $75,000
Married couple, maximum income, $150,000
If more than one unmarried person is taking title to the
Eligible Home, each such single person is subject to the
$75,000 income limit.
Home buyers must occupy the purchased home as a primary, permanent residence.

If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less.

The Home Run 2 Grant Program is effective only for home purchases closed after a Home Run 2 Grant Commitment has been issued for that specific transaction. The grant funds may not be issued for homes purchased prior to obtaining the Home Run 2 Grant Commitment.

What type of loan can a home buyer use to purchase the home?
If a home buyer needs a mortgage loan, it must be a fixed interest rate loan with a term of 30 years or less. Loans may be obtained from any Approved Lender. Examples of qualifying loans include:

Conventional loans
FHA, VA, or Rural Housing loans
Utah Housing Corporation loans

Cash Buyers should contact Utah Housing directly for assistance in qualifying.

To learn more about the Home Run 2 Grant visit www.utahhousingcorp.org.