UTAH “HOME RUN GRANT” FREE MONEY!

The State of Utah is handing out $6,000 to home buyers.  Administered by the Utah Housing Corporation.  After searching, googling, and researching this…  The Utah Housing Corporation’s website has the most information.  The following info is straight from the UHC’s website.

HOME RUN GRANT

HOME RUN GRANT MONEY

Steps to obtain a Home Run Grant?

  • Buyer signs a contract to purchase a newly-built, never-occupied, single-family home.
  • Buyer applies for mortgage loan through an Approved Home Run Mortgage Lender (“Approved Lender”) and obtains written loan underwriting approval.
  • Buyer furnishes Certificate of Occupancy or Municipal Final Inspection to Approved Lender.
  • Approved Lender submits a Home Run Grant Request to Utah Housing with the required documentation.
  • Approved Lender received from Utah Housing a written Home Run Grant Commitment authorizing the Grant for the Buyer.
  • The purchase closing is scheduled at a title company.
  • As soon as closing documents have been signed, the title company faxes required documents to Utah Housing to request that a wire of $6,000 be sent to the closing.
  • The Home Run Grant Commitment must be dated prior to the closing documents.

 What is the $6,000 Home Run Grant?

  • The Home Run Grant is a mortgage assistance program that grants $6,000 to home buyers who  purchase a newly-constructed, never-occupied, primary, single-family residence in Utah.  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?

  • Home buyers (any person taking title) must meet the following income restrictions:
    • Single person, $75,000
    • Married couple, $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 no later than 30 days after closing.
  • 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.  Cash buyers can also qualify by contacting Utah Housing Corporation directly.
  • The Home Run Grant Program is effective for home purchases closed after a Home Run Grant Commitment has been issued for that specific transaction.  Unfortunately the grant funds may not be issued for homes purchased without the Home Run Grant Commitment.
  • Persons who already own their lot are not eligible for the Home Run Grant.

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

  • Homes must be newly-constructed, single-family residences that have a Certificate of Occupancy or a Final Inspection from an applicable municipality.  They cannot be previously-occupied.  Eligible property types include single-family detached homes, condominiums, planned unit developments (PUD), twin homes, town homes and manufactured homes permanently affixed to a foundation.

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

  • Apply for a grant through an Approved Lender. Approved Lenders are the key link between a home buyer and the Home Run Grant and are listed on this website. The Approved lender assists a home buyer to provide necessary information to secure the grant from Utah Housing Corporation.  A home buyer does not work directly with Utah Housing Corporation (unless it is a cash buyer).     

How does a home buyer get the Home Run Grant funds?

To get a first-come, first-served written commitment for the Grant, a home buyer must:

  • Enter into a written contract to purchase a newly-constructed, single-family home.
  • Contact an Approved Lender and obtain final underwriting approval for any needed financing.
  • Have your mortgage lender furnish required documentation to Utah Housing Corporation for the Grant.
  • Utah Housing will reserve the $6,000 Grant for 30 days.

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 qualified to make mortgage loans under Utah law.  Examples of qualifying loans include:

  • Conventional
  • FHA, VA, or Rural Housing 
  • Utah Housing Corporation’s FirstHome and FirstHome Plus.

Do I have to be a first-time home buyer to get a Home Run Grant?

  • No.  Home Run Grants are available to all home buyers who meet the income restrictions of $75,000 for singles, $150,000 for couples and, if more than one single person takes title, the $75,000 limit applies to each such single person. 

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

  • Yes, if a home buyer is a first-time home buyer and meets the independent criteria of both the federal and Home Run programs, they may take advantage of both.   The $6,000 Home Run Grant is available to both those who are first-time home buyers as well as those who previously owned a home.  The  $8,000 federal tax credit is available only to first-time home buyers.

How many Home Run Grants are available to home buyers?

  • A total of approximately 1,600 grants of $6,000 will be available. Only one grant can be used for the purchase of each home.  Home Run Grants are distributed on a first-come, first-served basis to qualified home buyers.  The approximate number of remaining grants will be posted on the UHC web page at www.utahhousingcorp.org.

(There are 1,331 Grants remaining when I published this)

 Is the Home Run Grant taxable?

  • The Home Run Grant may be taxable as income under federal and state tax laws.  UHC has requested a ruling from the Internal Revenue Service (IRS) about whether or not a Home Run Grant will be taxable.  UHC does not give tax advice and home buyers should review all pertinent tax information in connection with the preparation of their 2009 tax returns.

Here are the forms you will need.

Approved Home Run Lenders.

If you have any questions…please post them here or get in touch with Marty Reynolds.  Contact Marty for free home buyer information.

 

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UTAH BEST STATE TO LIVE IN!

Lake Powell, Utah

 

v  Utah is America’s “Best State” – Forbes magazine in March ranked Utah America’s “Best State To Live,” with Utah scoring higher in quality of life categories than Hawaii, California and Florida.  The survey measured life satisfaction, work quality, healthy behavior, physical health, emotional health and basic access to necessities like food and shelter.

v  Utah is No. 1 in Economic Outlook – the American Legislative Exchange Council ranks Utah No. 1 in the nation in “Economic Outlook,” a forward looking study that examines a state’s tax burden, debt service and 13 other variables.

v   State Actions Could Create 60,000 Jobs For Utahns – Gov. Jon Huntsman Jr. and the Utah Legislature scored big for jobs, consumer spending and the future by investing $3.3 billion in roads and state buildings, according to the Salt Lake Chamber. 

v  Davis Counties Median Home Sales Price Is Falling, But Not Off A Cliff – The median sales price of all homes and condos peaked in June 2007 at $257,100.  When compared to February 2009 ($243,200) the median sales price has fallen 5.4 percent across Davis County, according to the Wasatch Front Regional MLS.

v  Salt Lake City Continues To Be The Place For Business – MarketWatch has ranked Salt Lake City No. 13 of the 50 Best Metro Areas for Business.  Cities were judged in eight categories, which included job growth, financial institutions, number of small businesses and population growth.

v  Utah Has A Low Unemployment Rate – Utah’s unemployment rate in February was 5.1 percent, 3 percentage points below the national unemployment rate of 8.1 percent, according to the Utah Department of Workforce Services.

v  University of Utah Ranked No. 2 In Technology Companies Started – The Salt Lake Tribune reports that for the second year in a row, the University of Utah was ranked second in the country in starting technology companies based on research.  The rankings were by the Association of University Technology managers.  The “U” helped start 18 companies in 2007 from technologies based on its research.

Utah Weatherization Rebates & Home Energy Savings

utah-home-insulation

Were you aware that Questar Gas & Rocky Mountain Power are offering rebates to upgrade your attic insulation?  Adding more insulation to your home reduces your heating and air conditioning expenses.  If your home qualifies, the rebates can cover 50-100% of your costs.  In some cases, even newer-built existing homes may qualify.

 For example, for an average 1500 Sq. Ft. attic space adding a new layer of R-30 fiberglass insulation (Approx. 12.4” layer).

Sunroc cost of materials and labor = $ 1050.00

*Estimated amount of Questar Gas rebate = – $ 525.00 (.35 Per Sq. Ft.)

*Estimated Amount of Rocky Mountain Power Rebate = – $ 525.00 (.35 Per Sq. Ft.)

Homeowner out-of-pocket after utility co. rebates = $ 0

 A friend of mine just did this and he was very happy with the results.  The company that he went through is Sunroc “A Clyde Company”.  To schedule an appointment, please call 877-777-0192. A Sunroc representative will inspect your current levels of attic insulation and explain how the rebates are claimed.  Sunroc will complete the work for you in one day and assist you by providing and completing all the necessary paper work and documentation to obtain the utility company rebates.

Click here to download the Questar Gas rebate application

Click here to download the Rocky Mountain Power rebate application

 Note: This installation service is not a mandatory offering and is not sponsored or endorsed in any way by the utility companies noted above.

* In order to qualify for both utility company rebates as shown in the example above, you must have gas space heating and an electric central air conditioning system. There are additional requirements specific for each utility company as approved by the Utah Public Service Commission. Rebates are subject to change at any time. We will verify your eligibility for each rebate at the time of your appointment with your Sunroc representative.

 

 

 

Riverdale, Utah, 1st Quarter 2008 Real Estate Statistics..

Riverdale park trail

A perfect city to Live and own Real Estate .  Riverdale homes are affordable, property taxes are low, and the location is unbeatable.  My family and I live in Riverdale and love it.  We are close to everything.  Riverdale city is the envy of neighboring cities due to the tax revenue of it’s commerce.  If you want to eat at good restaraunt’s Riverdale is the place to come.  Chilis’s, Applebee’s, Ruby River, Olive Garden, TGI Fridays, are a few of the places to eat, along with plenty of fast food places.  If you feel like shopping take your pick, JC Penney, Target, Wal Mart, Justice for girls, Canyon Sports, R.C. Willey’s, what can’t find anything then try the Newgate Mall.  If you need to buy a car or truck, Riverdale Road has plenty of Dealerships to choose from…  Oh….. you don’t want a car?  Then try Harley Davidson of Northern Utah or Carey’s cycle, or go buy a boat at Petersen Marine.  Need to fix up your house?  You have The Home Depot and Lowes on Riverdale Road.  Whatever you need you can find in Riverdale.  You like the outdoor’s.  There are 3 parks, the Weber River Pathway, and the Kayak park at Weber River.  I don’t know any other city I would rather live.

Riverdale, Utah Real Estate, 1st Quarter 2008 Statistics

14 Riverdale Homes Sold

Median Price: $245,000

Average Price: $235,000

Low: $131,750

High: $309,500

Average Time on Market: 77 Days

Current Homes on the market: 62.  39 of these homes are new Construction,  In the Combe Farms subdivision.

No Multi-family properties are currently on the market.   No Multi-family properties sold

-Basic Riverdale City Demographics-

Riverdale City Population

 Population: 8,264

Land Area: 4.6 Square Miles

Population Growth Rate: 1.3% (Annualized last 5 years)

Riverdale City Income

Median Income: $47,594

State Income Ranking: 50th Percentile

National Income Ranking: 64th Percentile

Average Income Households with Children: $56,734

State Income Ranking: 50th Percentile

National Income Ranking: 56th Percentile 

Average Age for Riverdale City: 29.2 Years

Household Characteristics for Riverdale City

58.9% Married

39.9% With Children

 The accuracy of all information is deemed reliable, but is not guaranteed.

Washington Terrace, Utah, 1st Quarter 2008 Real Estate Statistics.

washington-terrace-utah-city-hall.jpg

Here we go….  My first blog,  I chose to write about Washington Terrace, Utah.  One of the best Cities to buy Real Estate.  (My opinion)  I also was raised there.  I enjoy selling and marketing Real Estate in Washington Terrace, Utah.  

Let’s look at the 1st quarter 2008 Real Estate Stats. 

 23 Homes Sold

Average time on the market: 48 days

Average Price: $144,900

Median Price: $134,800

Low: $103,000

High: $330,000

There are currently 33 Single family homes on the market. (April 3, 2008)

1 Multi-family (Duplex) Sold for $220,000.

There are currently 2 Multi-family properties on the market. (April 3, 2008) 

In my 6 years of Real Estate experience and dealing in Washington Terrace, the market has seen some good steady appreciation, around 10% per year.  The 1st quarter 2008 has seen a little slow down but demand is relatively strong.  One reason for strong demand is the city is close to good Commerce, Shopping, Restaurants, Retail, Schools, Transportation, and Employment.

Washington Terrace is a great place for investors to own rental property.  The Properties I own there have virtually no vacancies, and rent is good and rising. 

-Some basic demographics- 

Population for Washington Terrace City

Population = 9,139

Land Area = 1.9 Square Miles

Growth Rate: 1.3%

State Growth Ranking: 56th Percentile

National Growth Ranking: 77th Percentile

Annualized (Last 5 Years)

Income for Washington Terrace City

Median Income:  $45,300

State Income Ranking:  45th Percentile

National Income Ranking:  59th Percentile

Average Income

Households with Children: $52,730

State Income Ranking: 40th Percentile

National Income Ranking: 49th Percentile  

The accuracy of all information is deemed reliable, but is not guaranteed

This has been my first blog post. If you have any feedback I would greatly appreciate it.   What did you like?  Was it easy to read?  What area’s can I improve? 

Thanks,

 Marty Reynolds

http://www.Iamutahrealestate.com