BLACKSTONE REAL ESTATE

$6,000 Home Run Grant

         

What is the $6,000 Home Run Grant?

The $6,000 Home Run Grant is a mortgage assistance program that grants $6,000 to home buyers who finance the purchase of a newly constructed, never occupied residence in Utah using a 30-year fixed rate mortgage.  The Home Run Grant is funded by the Housing Relief Restricted Special Revenue Fund, established by Utah Governor Jon Huntsman, the Utah State Legislature, and Utah Housing Corporation.   

 

Who is eligible to receive a $6,000 Home Run Grant?

·        The Home Run Grant is available to any Utah home buyer who meets the following income restrictions:

o       Single person, $75,000

o       Married couple, $150,000

·        Buyers must occupy the purchased home as a primary, permanent residence no later than 30 days after closing.

 

What homes can be purchased with a $6,000 Home Run Grant?

Homes must be recently constructed. They cannot be previously occupied.

 

 

How does a home buyer apply for a $6,000 Home Run Grant?

Home buyers should tell their home builder, realtor and mortgage lender that they want to apply for a Home Run Grant. Mortgage lenders are the key link between the home buyer and the Home Run Grant. The mortgage lender assists the home buyer to provide necessary information to secure the grant from Utah Housing Corporation.   The home buyer does not work directly with Utah Housing Corporation.     

 

What type of loan can home buyers use to purchase the home?

Buyers must qualify for a 30 year, fixed interest rate loan of their choice to finance the purchase of the home.  Examples of qualifying loans include:

*        Conventional

*        FHA, VA, or Rural Housing

*        Utah Housing Corporation’s FirstHome and FirstHome Plus

*        Federal Home Loan Bank’s HomeStart

 

What mortgage lenders can assist homebuyers to secure a $6,000 Home Run Grant?

Any mortgage lender qualified to make mortgage loans under Utah law can assist homebuyers to secure the Home Run grant.

 

Can the $6,000 Home Run Grant be combined with the new federal $8,000 tax credit?

Yes.  Home buyers can take advantage of both the Home Run $6,000 Housing Grant and the $8,000 federal tax credit.  The $6,000 grant is available at the time the home is purchased.

 

How many Home Run Grants are available to home buyers?

A total of 1,666 grants are available. Each grant is $6,000.  Only one grant can be used for each home purchase.  Home Run Grants are distributed on a first-come first-serve basis to qualified home buyers through the home buyer’s mortgage lender.