Update on Utah's Home Run $6,000 Grant

Here are a few updates as of Monday 3/16 for Utah's new Home Run Grant program of $6,000.

A) New Construction Only - Home Never has been occupied; Condo’s and PUD’s , Manufactured Homes and Single Family Residence

B) Money will only be available until the Grant money is gone (do not know how long that will be)Income Limits $75,000 for single person, $150,000 married person

C) No Sales Price Limit

D) $6,000 could be considered taxable income (consult CPA)

E) Money must be used within 30 days of commitment or money will go to someone else.

Forms and Summary of program will be available from me as soon as the program is available (could be a couple of days after Governor has signed the bill).

1. Prior to sending in Request for Commitment Loan must have:
• Occupancy Permit and/or Clear Final Inspection
• Approval (no conditions). Signed Transmittal Summary by underwriter
• Appraisal
• Buyer and Seller Signed Disclosure

2. Underwriter will complete and sign Home Run Grant Request Form requesting $6,000 and certifying income.

3. UHC will send Commitment to Lender (plan on 2-3 days)

4. After buyer signs closing documents at title company, Escrow officer will send to UHC request for funds and wire instructions along with Signed HUD Settlement Statements and Warranty Deed.

5. UHC will have bank wire funds to Title Company (could take 2 days)

As you can see in item #1 above, the buyer must have an approval (with no conditions), which means it is VERY iportant to stress to your buyers to become 100% credit approved now so that they are approved for the Grant Funds as soon as Governor Huntsman signs the Bill.