$6,000 free??? Wait What??? Read on, my friend...

$6,000 Home Run Grant
What is the $6,000 Home Run grant?
The Home Run Grant is a mortgage assistance program that grants $6,000 to home buyers who purchase a newly constructed, never-occupied primary residence in Utah. The Home Run Grant is funded by the Housing Relief Restricted Special Revenue Fund, established by Utah Gov. Jon Huntsman, the Utah State Legislature and Utah Housing Corporation.
When is the Home Run program being launched?
The governor has signed the bill into law and the program is now launched.
Who is eligible to receive a 6,000 Home Run grant?
The Home Run grant is available to any Utah home buyer who meets the following qualifications:o Single person, income not to exceed $75,000. o Married couple, income not to exceed $150,000.o If more than one unmarried person is taking title to the eligible home, each such single person is subject to the $75,000 income limit.
Home buyers must occupy the purchased home as a primary, permanent residence no later than 30 days after closing.
If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less. Cash buyers can also qualify by contacting Utah Housing Corporation directly.
How does a home buyer get the Home Run funds?
To get a first-come, first-served written commitment for the grant, home buyers must:
o Enter into a written contract to purchase a newly constructed home. o Contact a lender to obtain final underwriting approval for any needed financing. o Have their mortgage lender furnish required documentation to Utah Housing Corporation for the grant. o Utah Housing will reserve the $6,000 grant for 30 days.
What homes can be purchased with the $6,000 Home Run grant?
Homes must be recently constructed, single-family residences that have a certificate of occupancy or a final inspection. 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.
Do I have to be a first-time 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 and, if more than one single person takes title, the $75,000 limit applies to each such single person.
How does a buyer apply for a 6,000 Home Run grant?
Mortgage lenders are the key link between the home buyer and the Home Run grant. The mortgage lender assists the home buyer to provide necessary information to secure the grant from Utah Housing Corporation. The home buyer does not work directly with Utah Housing Corporation (unless it is a cash buyer).
What type of loan can home buyers use to purchase a home?
If home buyers need a mortgage loan, it must be a fixed interest rate loan with a term of 30 years or less. Loans may be obtained from any lender qualified to make mortgage loans under Utah law.. Examples of qualifying loans include:o Conventionalo FHA, VA or Rural Housingo Utah Housing Corporation's FirstHome and FirstHome Plus
What mortgage lenders can assist home buyers to secure a $6,000 Home Run grant?
Any mortgage lender qualified to make mortgage loans under Utah law can assist home buyers to secure the Home Run grant. Click here to see Utah Housing Corporation's list of currently approved lenders.
Can the $6,000 Home Run grant be combined with new the federal $8,000 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 $6,000 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 to home buyers?
A total of approximately 1,600 grants are available. Each grant is $6,000. Only one grant can be used for the purchase of each home. Home Run Grants are distributed on a first-come, first-served basis to qualified home buyers. The approximate number of remaining grants will be posted on the UHC Web page at www.utahhousingcorp.org.
Is the Home Run grant taxable?
The Home Run Grant may be taxable as income under federal and state tax laws. UHC has requested a ruling from the Internal Revenue Service (IRS) about whether or not a Home Run Grant will be taxable. UHC does not give tax advice and home buyers should review the ruling and other pertinent tax information in connection with the preparation of their 2009 tax returns.
If I have additional questions who do I contact?
Contact an approved Home Run lender.

Avoiding Foreclosure

Today I was on a local radio show talking about ways to avoid foreclosure. This is a very widespread problem that may affect you or someone you know. Here are a few tips to help avoid foreclosure.
1. Stay in contact with your lender. If you are going to miss a payment you need to call your lender before it is missed. Many companies have programs in place to help with this.
2. Do not ignore notices from your lender. They will send you mail and post notices on your door. If you really want to save your home you need to make sure that you respond to these notices.
3. Do not pay for credit counseling. The government offers credit counseling for free. There is absolutely no reason to pay for it.
4.Visit http://www.hopenow.com/ it has several resources to help you avoid foreclosure.
5. Do not sign anything that you do not FULLY understand. There are some scammers out there that will take advantage of you and your situation. Try to surround yourself with people you can trust.

If you are interseted here is the link to the podcast from the show I did this morning.
http://a1135.g.akamai.net/f/1135/18227/1h/cchannel.download.akamai.com/18227/podcast/SALTLAKECITY-UT/KZHT-FM/Zoo%201%2013%2009%20Part%204.mp3?CPROG=PCAST&MARKET=SALTLAKECITY-UT&NG_FORMAT=chr&SITE_ID=1084&STATION_ID=KZHT-FM&PCAST_AUTHOR=97.1_ZHT&PCAST_CAT=Radio&PCAST_TITLE=Morning_Zoo_-_Show_Podcast