The short answer is yes.  I have been told the Utah new construction housing stimulus applies to existing new construction and homes to be constructed.  However... this incentive appears to be much better suited for someone who wants to purchase an existing, 100% completed home with a certificate of occupancy.   This bill has not yet been signed into law by the governor (just passed both houses at 8 PM 3/12/2009), but is expected to be signed by early next week.  The final details still need to be ironed out, but following is a list of qualifiers that need to occur before Utah Housing will reserve and/or release funds:

- You must be able to prove that you have met income limit criteria (single buyers need to have a modified adjusted gross income of $75,000 or less, $150,000 or less for married couples).

- Loan must be approved by loan underwriter and inspection passed before funds will be reserved.

- The home must be 100% completed, including certificate of occupancy

- Funds must still be available. $10,000,000 is going to be made available - first come, first serve.  Because of this, this program would appear to be a safer bet for someone looking to purchase an existing new home vs one under construction or still in the planning stages.  Just my two cents worth. 

I hope this helps.  I will post an update to my blog once I receive confirmation that the governor has signed this bill into law.  That should be early next week.

Any other questions, don't hesitate to contact me and if I don't know the answer, I will do my best to point you in the right direction.

Email: John@RockyMountainHomes.net

Web: www.RockyMountainHomes.net

The best place to go for the most up to date information is Utah Housing at 801-902-8200.

I would be happy to provide you with updates.  My email address is John@RockyMountainHomes.net

Thanks, John Allaire

Julio,

I recommend you contact Utah Housing at 801-902-8200 for details.

Thanks, John