What is the $4,000 Home Run Grant?

The Home Run Grant is a mortgage assistance program that grants $4,000 to home buyers who purchase a newly-constructed, never-occupied, primary, single-family residence in Utah. 

Who is eligible to receive a $6,000 Home Run Grant?

Home buyers must meet the following income restrictions:

• Single person earning up to $75,000
• Married couples earning up to $150,000
• Home buyers must occupy the purchased home as their primary residence.
• If home buyers plan to apply for a mortgage to purchase the home, the loan must be a fixed rate 15 or 30-year mortgage through an approved lender.
• You must apply for a Home Run Grant Commitment for a specific home, after you have entered into a purchase contract.

What homes can be purchased with a $4,000 Home Run Grant?

Homes must single-family residences that are currently under construction or finished. They cannot be previously-occupied. Eligible property types include single-family detached homes, condominiums, planned unit developments (PUD), twin homes, town homes and manufactured homes permanently affixed to a foundation.

Here are the steps we will take to obtain a Home Run Grant:

• Buyer will select a property and make an offer. When the offer is accepted by both parties, we will submitt the contract to our approved lender.
• Buyer completes a loan application through our prefereed lender in order to obtain written loan underwriting approval.
• Lender will submit a Home Run Grant Request to Utah Housing with the required documentation.
• Lender will be provided with written authorization from Utah Housing authorizing the grant for the Buyer.
• When the closing documents have been signed, the title company will fax the required documents to Utah Housing to request that a wire of $6,000 be sent to the closing.

Other Common Questions:

Do I have to be a first-time home buyer to get a Home Run Grant?

No. Home Run Grants are available to all home buyers who meet the income restrictions of $75,000 for singles, $150,000 for couples.

Can the $4,000 Home Run Grant be combined with the new $8,000 federal tax credit?

Yes, if a home buyer is a first-time home buyer and meets the independent criteria of both the federal and Home Run programs, they may take advantage of both. The $4,000 Home Run Grant is available to both those who are first-time home buyers as well as those who previously owned a home. The $8,000 federal tax credit is available only to first-time home buyers.

How many Home Run Grants are available?

A total of approximately 1,950 grants of $4,000 will be available. Home Run Grants are distributed on a first-come, first-served basis.

Is the Home Run Grant taxable?

The Home Run Grant may be taxable as income under federal and state tax laws. At this point, it’s not clear. A tax ruling has been requested from both the IRS and the Utah State Tax Commission.

More Questions?

Contact Michael Druce at md@michaeldruce.com or call 801-550-7255