Federal housing stimulus package

Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Utah housing stimulus package

Following are highlights of a new housing stimulus package, to be administered by the Utah Housing Authority, for homes purchased in the state of Utah. This law was passed just yesterday, March 12, 2009:
- $6000 Grant for new construction (to qualify, the home must have never been lived in)
- Income guidelines are the same as the federal tax credit program
- Any type of loan can be used to purchase the home, not limited to FHA or Utah Housing
- Applications are to be obtained through Utah Housing, and must be submitted to them once completed
- Once an application has been approved, applicants have 90 days to close on a NEW home
- ALL Homebuyers are eligible for this program, not just first time homebuyers
- $10,000 Million is Available for this program - First Come, First Serve
- First time homebuyers can combine the $8000 first time federal tax credit with this program for a total $14,000 in federal and state credits.

Own in Ogden

Own in Ogden is an Ogden City, a Utah Municipal Corporation program designed to increase homeownership in Ogden City. Persons buying primary residence homes in the Own in Ogden TargetArea can qualify for $3000 zero interest, deferred payment loans to assist with that purchase.

The Specified Target Neighborhoods receive $5000 loans. Income qualified, sworn Ogden City Police Officers and Ogden City Fire Fighters receive loans of $10,000 when buying aprimary residence in the target area. The Own in Ogden funds can only be used for down payment, usual closing costs or applied as acredit toward the principal mortgage balance as a principal reduction. Own in Ogden funds areavailable on a first come first serve basis.

REQUIREMENTS Household Income Qualifications:Income information in the form of pay stubs and most recent tax returns are required to qualify for the Own in Ogden Program. Every member of the household over the age of eighteen must submit this income information regardless of their participation in the home purchase. The annual household income (all members over the age of 18) cannot exceed 80% of the area-wide median income.

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