The wildly successful Home Run Grant for buyers who purchase new construction is back! There are a few changes to the program, like the amount for each grant and what properties qualify.

According to The Utah Housing Corporation these are the people who qualify:

A total of approximately 1,950 grants of $4,000 each will be available. Only one grant can be used for the purchase of each home and can only be issued to persons who did not obtain a grant under the previous $6,000 Home Run Program. Home Run 2 Grants are distributed on a first-come, first-served basis to fully-qualified home buyers. The approximate number of remaining grants is posted at all times on Utah Housing web page at Utah Housing Corporation.

The Home Run 2 Grant is a mortgage assistance program that grants $4,000 to home buyers who wish to: (A) have a new home constructed, (B) have a partially-constructed home completed, or (C) purchase a newly-constructed home. It must be the primary residence of the home buyer. Homes that have been previously occupied do not qualify.

To learn more about this exciting program click here. Don’t wait if you missed the first one.

UPDATE: September 16, 2009:

The Utah Housing Corp has implemented a program to loan money for the $8,000.00 first buyer tax credit to use at closing. The program is called Equity Now and has some conditions. To find out more, click here. Although there are proposals in congress to extend the tax credit, it is still expected to expire November 30, 2009.

UPDATE: August 6, 2009:

To monetize the $8,000 at closing, a bridge loan must be obtained through the state housing finance agency. In Utah it would be the Utah Housing Authority. As of this morning, they are still NOT offering to monetize the tax credit.
As of mid-2009, more than a dozen state housing finance agencies (HFAs) were offering bridge loans to prospective buyers, and many more were planning to do so. Currently, the following states have programs in place: Colorado, Delaware, Idaho, Kentucky, Missouri, Nebraska, New Jersey, New Mexico, Ohio, Pennsylvania, Tennessee, Texas, and Virginia.

Since the program is over November 30th, 2009, you have to wonder if they will be doing this at all. I will keep checking with them and updating here if there are any changes.

UPDATE, May 29,2009: It’s official from HUD’s Shaun Donovan, the hold on this program is now over:

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA’s new mortgagee letter, visit HUD’s website.

Don’t wait until you file your taxes to receive the Federal Stimulus money of $8,000. Housing and Urban Development Secretary Shaun Donovan announced that buyers can monetize their proceeds for a down payment through participating banks.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

First time home buyers in Utah who purchase a new construction home or condominium can also take advantage of the Utah’s Home Run Program that allows buyers of new homes a $6,000 grant at closing. With these 2 combined programs, home buyers who qualify can receive $14,000 at closing to purchase their home. With rates hovering in the mid 4% range and prices at 5 year lows, what are you waiting for?

image: hud.gov

UPDATE: September 4, 2009 – Utah has come out with a new grant program, Utah Home Run Grant 2, click here for details!

UPDATE: June 11, 2009 – Utah’s Home Run Grant Program is Officially out of money. Those that received the money, congratulations, those that didn’t, stay tuned… I will have some inside news later…

New home sales have been spurred by Utah’s Home Run Grant program that provides $6,000 to home buyers that purchase a new constructed home in Utah. To date, the Home Run Program has awarded 530 grants to homebuyers, about $3.2 million in all, according to The Salt Lake Tribune. The program was funded with  $10 million from the federal stimulus money. There are are still about 1100 grants to give away to homebuyers, don’t wait too long to get yours! Click here for details.