{"data":{"id":"us-ut/utah-code-63h-8-501","jurisdiction":"us-ut","citation":"Utah Code § 63H-8-501","heading":"Definitions.","body":"As used in this part:\n(1)\n(a) \"First-time homebuyer\" means an individual who satisfies:\n(i) the three-year requirement described in Section 143(d) of the Internal Revenue Code of 1986, as amended, and any corresponding federal regulations; and\n(ii) requirements made by the corporation by rule, as described in Section 63H-8-502.\n(b) \"First-time homebuyer\" includes a single parent, as defined by the corporation by rule made as described in Section 63H-8-502, who would meet the three-year requirement described in Subsection (1)(a)(i) but for a present ownership interest in a principal residence in which the single parent:\n(i) had a present ownership interest with the single parent's former spouse during the three-year period;\n(ii) resided while married during the three-year period; and\n(iii) no longer:\n(A) has a present ownership interest; or\n(B) resides.\n(2) \"Home equity amount\" means the difference between:\n(a)\n(i) in the case of a sale, the sales price for which the qualifying residential unit is sold by the recipient in a bona fide sale to a third party with no right to repurchase less an amount up to 1% of the sales price used for seller-paid closing costs; or\n(ii) in the case of a refinance, the current appraised value of the qualifying residential unit; and\n(b) the total payoff amount of any qualifying mortgage loan that was used to finance the purchase of the qualifying residential unit.\n(3) \"Program\" means the First-Time Homebuyer Assistance Program created in Section 63H-8-502.\n(4) \"Program funds\" means money appropriated for the program.\n(5) \"Qualifying mortgage loan\" means a mortgage loan that:\n(a) is purchased by the corporation; and\n(b) is subject to a document that is recorded in the office of the county recorder of the county in which the residential unit is located.\n(6) \"Qualifying residential unit\" means a residential unit that:\n(a) is located in the state;\n(b) is new construction or newly constructed but not yet inhabited;\n(c) is financed by a qualifying mortgage loan;\n(d) is owner-occupied within 60 days of purchase, or in the case of a two-unit dwelling, at least one unit is owner-occupied within 60 days of purchase; and\n(e) is purchased for an amount that does not exceed:\n(i) $450,000; or\n(ii) if applicable, the maximum purchase price established by the corporation under Section 63H-8-502.\n(7) \"Recipient\" means a first-time homebuyer who receives program funds.\n(8)\n(a) \"Residential unit\" means a house, condominium, townhome, or similar residential structure that serves as a one-unit dwelling or forms part of a two-unit dwelling.\n(b) \"Residential unit\" includes a manufactured home or modular home that is attached to a permanent foundation.","path":["Title 63H Independent State Entities","Chapter 63H-8 Utah Housing Corporation Act","Part 63H-8-5 First-Time Homebuyer Assistance Program"],"source_url":"https://le.utah.gov/xcode/Title63H/Chapter8/63H-8-S501.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:34Z","sha256":"bf550ead3f9ec45e865587584f2a3ed285fc7927a063afe30130d51258b77ee7","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-63h-8-411","next":"us-ut/utah-code-63h-8-502"},"notice":"GroundRules: Original legal text. Not legal advice."}