The Home Run Grant: One Month Later

The Home Run Grant started March 19th and has been helping people purchase new homes for over a month. As banks become more familiar with the process, it is becoming easier to get this free money. There have been 530 people who have used the free $6,000 so far. 312 of those purchased homes in March and 219 have purchased homes in the first two weeks of April.

South Jordan is leading the way in taking advantage of this grant. The UtahDave team is local so we can find the best properties that qualify for the grant. I am delighted to see the area succeed and want to help it continue to grow. Recently, Kim used the $6,000 grant money to pay her closing costs and move into Daybreak. Here's a table of the top 10 selling locations that have been using the Home Run Grant.

The Salt Lake Tribune reported that, "Ivy Zelman of Zelman & Associates, in New York, picked Utah as the No. 1 market in the country poised to recover from the housing slump." This is an additional benefit of the grant. Not only does it help people purchase homes, but it helps stimulate the economy by creating jobs. This means that those homes purchased with the grant will quickly increase in value as the housing market recovers. The steadily increasing demand for homes is helping to create more jobs around the state.

There is no cap on the price of homes that qualify for the grant. Almost 18% of the homes purchased with the Home Run Grant have been over $300,000. Instead of price, eligibility is determined by your income. That means if you currently own a home you can sell it and use the equity and the grant to upgrade to a new home with a higher value. This graph shows the price distribution of homes being purchased with the Home Run Grant assistance and the income of the home buyers.

For more information about the grant, and to see if you can qualify, check out my blog: What is the Home Run Grant?

There is also a free, non-obligatory loan application you can fill out to see if you qualify for the grant.

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