March 19, 2009

Utah Offers $6,000 Grant to Purchase Never Lived in Homes

Posted to Steve Randall

In just a few days, Governor Huntsman will authorize a $6,000 grant with some of the Stimulus Package Money for the purchase of new homes that have never been lived in. This is not a loan that needs to be paid back and can be used with the $8,000 tax credit the Federal Government has established for new home owners as well.

If you are a first time buyer in Northern Utah this new grant has just qualified more buyers and made more homes affordable to more people. There has been $10,000,000 set aside for new construction purchase. If you look at the chart to the right, you can see that exiting sales are down -8.6% from this time last year. This obviously is not a good economic sign for recovery just yet. Pending sales, or home currently in escrow or under contract are up 5.3% when compared to last year at this time. This means we are seeing more buyers in the market right now caused by low interest rates and more affordable housing.

If you look at the New Construction numbers you can see why Governor Huntsman is helping this side of the industry. Sales this year vs. last year are down 48.2%. This new $6,000 grant will help many new buyers with a down payment or closing cost and more buyers will be able to qualify for a loan if they buy a new home that has never been lived in.

For more details or a list of homes that would qualify, please send me an e-mail.

Posted By: Steve Randall



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