With the expiration of the First Time Home Buyer Tax Credit at the end of April, we will be holding a FREE seminar to go through the Home Buying process. This class will be held twice at the Salt Lake Community College Miller Campus in Sandy on MARCH 23RD and MARCH 30th.

This exciting new class will be held in the Salt Lake Community College Professional Development Building and is being provided at no cost for Salt Lake area residents.

The campus is located at: 9750 South 300 West, Sandy, UT 84070

Here’s what will be covered in the class:

What loan programs are available to first time home buyers and what are their qualifying requirements?

What are the requirements and key dates for qualifying and claiming the $8000 First Time Home Buyer’s Tax Credit?

What are the credit requirements for conventional, FHA, and VA loans? How can I find out what my credit score is?

How do I go about qualifying for a loan?

What should I consider when looking for a new home?

How does the home buying process work. How do I make an offer, deposits, what are the key dates, home inspections, when can I move in?

Please note that SEATING IS LIMITED and because of this REGISTRATION IS REQUIRED!

If you would like further information about the class, please contact Joseph Gordon on 801-577-6304 or Trela Bird on 801-450-3535 or Tracie Peay on 801-891-5678.

If you wish to register then please complete the Salt Lake Area First Time Home Buyers Class Registration Form.

The homebuyer’s tax credit that was due to expire at the end of November has been extended to April 30th 2010. In addition to this a new tax credit has been introduced for current homeowners who want to sell their home and buy another.

The amount of tax credit for new homeowners remains the same ($8000), but there are some addition criteria that need to be met.

1. You must not have had an interest in a principle residence in the last three years.
2. The purchase contract must be in effect on or before the 30th of April 2010. You have until the 1st July 2010 to close.
3. Income limits of $125,000 for single people and $225,000 for Married couples (these amounts have been increased from the first tax credit). There is an additional $20,000 where the tax credit amount is phased out.
4. $800,000 limit on the purchase price (new rule).
5. The home cannot be purchased by a dependent (new rule).
6. The purchaser must attach documentation to their tax return (new rule).

The tax credit for current homeowners is $6500 ($3250 if you are married filing separately). In order to qualify for this you must have used the home sold as your principle residence for 5 of the last 8 years. Rules 2 through 6 must also be met in order to claim the $6500.

Just a quick note to let you know that the Utah Governor recently announced they will use $8 million in federal stimulus funds to reintroduce the Home Run Grant.

The official statement said that the state will offer $4,000 grants to the first 2,000 new home buyers.

The program comes on the heels of one started by former Gov. Jon Huntsman, who used $10 million in stimulus funds offer $6,000 grants. These grants were used in less than 12 weeks, so if you are interested in taking advantage of this offer you had better hurry.

There is one major difference between the original grant and this one (apart from the amount). The original grant could only be issued for homes that were ready for occupancy, while the new one can issued for homes which have been contracted for construction, or partially finished and contracted for completion. This changes the focus of the grant from getting rid of new home inventory to building new homes.