Just announced last week, the Utah Senate has approved a bill offering down payment assistance to home buyers in the amount of $6,000.  The grants are only available on purchases of new construction homes, and the funds ultimately come from the economic stimulus package.

A few plan details:

  • the $6,000 does not need to be repaid
  • the home must be owner-occupied
  • no first-time homebuyer requirements
  • $6000 can be applied towards down payment, closing costs, rate buydown or principle reduction 
  • the State has a total of $10 million available for this program...or approximately 1600 loans 
  • income limit is $75,000 for individual or $150,000 if filing jointly

With greater lending restrictions and more stringent down payment requirement, this grant money…

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It is a great time to buy a home in St George, Utah...especially for first-time home buyers.  With the passing of the "American Recovery and Reinvestment Act of 2009", first-time home buyers are now eligible for a $8,000 tax credit.  How does this tax credit work?  Here are some details:

  • Timeframe: applies to all qualified purchases on or before January 1, 2009 and before December 1, 2009.
  • Amount: credit applied is 10% of the purchase price, up to $8,000.
  • Income Limits: full amount of credit available for individuals with adjusted gross income of no more than $75,000 or for a joint return, $150,000.
  • First-time Homebuyers: the credit applies only to first-time home buyers...or in other words, purchasers who have not owned a primary residence for three…

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