Now really is the best time to buy a brand new home! Not only is the government offering an $8,000 tax credit, but now Utahns may be able to receive up to $6,000 in down payment assistance thanks to a new bill that has been passed by the Senate. The following article is from KSL.com:
Senate OKs bill to help buyers of new homes.
March 10th, 2009 @ 8:00am
By Mary Richards
SALT LAKE CITY -- The Utah Senate has approved a measure that would give Utahns financial help with the down payment when buying a brand new home.
Senate Bill 260, sponsored by Sen. Scott Jenkins, R-Plain City, would give people $6,000 for the down payment on a new home. The Standard Examiner reports the money would come from the $10 million Utah is set to receive for housing assistance from the federal stimulus package. The money would go to more than 1,600 buyers on a first-come, first-serve basis.
It's an effort to help homebuyers and home builders by reducing the number of new homes sitting on the market since a housing boom declined about two years ago.
The grants would apply only to a 30-year, fixed-rate mortgage for people who make no more than $75,000 a year. It's for first-time homebuyers and existing homeowners who qualify.
Realtors and economists say this program could really help the housing market. The University of Utah's Bureau of Economic and Business Research told the Standard Examiner the program could create 8,000 jobs in Utah's housing sector and add $27 million in income tax revenue for the state.
The bill now moves on to the House for consideration.
For more information on financing, contact Scott Smith, McArthur Homes' preferred lender.
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