Soon you will be able to utilize the $8,000 tax credit toward your down payment. The program, which has already been approved, will take a little time to be implemented.
Rumor has it this will take place through secondary loans, which will be "secured" by the tax incentive you will assumably receive next year. One of the challenges with the program is self-employed people. Since they often owe taxes, the loans are not as secure.
The catch is you've you got to be a first time home buyer, but there's more. A first time home buyer is defined as anyone who has not owned in a home in the last three years. Clearly, there are many people out there who qualify for this new program who aren't aware.
Remember, if you live in Utah and you're buying a NEW home, the tax credit can be combined with the $6,000 new home buyer grant. But hurry, they are almost gone!
As more details become available, I'll be sure to blog about it. Happy home shopping! And if you're shopping in the greater Salt Lake City, give me a call! 801-541-8806
You can search all Salt Lake City real estate for sale online at www.saltyhomes.com.
6/1/09
355 New Home Grants Left in Utah
As of Monday, June 1st, the Utah Housing website is showing a mere 335 out of approximately 1700 grants for new home purchases.
So, is there still time left to get in on the action? Yes, but you better be snappy and able to close VERY quickly. The $6,000 grants are given on a first come, first served basis. It doesn't matter when you signed the contract on your house, either. They go by closing dates.
If there's a new house that already has a certificate of occupancy, you still may have a chance. And be mindful of who does your loan. Most banks are too slow for this type of quick maneuvering. Consider a local mortgage broker or mortgage banker.
Don't forget, first time home buyers (anyone who hasn't owned a home in the last three years) may also qualify for the $8,000 first time home buyer tax credit. Soon, you'll be able to use that money toward your down payment, too. =)
To search every available home in the Greater Salt Lake real estate market, visit www.saltyhomes.com!
So, is there still time left to get in on the action? Yes, but you better be snappy and able to close VERY quickly. The $6,000 grants are given on a first come, first served basis. It doesn't matter when you signed the contract on your house, either. They go by closing dates.
If there's a new house that already has a certificate of occupancy, you still may have a chance. And be mindful of who does your loan. Most banks are too slow for this type of quick maneuvering. Consider a local mortgage broker or mortgage banker.
Don't forget, first time home buyers (anyone who hasn't owned a home in the last three years) may also qualify for the $8,000 first time home buyer tax credit. Soon, you'll be able to use that money toward your down payment, too. =)
To search every available home in the Greater Salt Lake real estate market, visit www.saltyhomes.com!
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