No, this isn’t an error nor is it at all misleading! It really is free money! As I’ve written previously, home ownership does very good things for the homeowners themselves as well as for their communities, state and country.
Also, as mentioned previously, there are numerous programs designed to help people purchase homes including low interest rate (and even zero interest), deferred payment loans for down payment assistance and for closing costs.
The program noted as “free money” is a down payment/closing cost assistance program providing up to 5% of the purchase price and it’s not limited to first time buyers nor is there any limit on the purchase price. If the buyer remains in the home for three or more years and makes monthly payments on time, including property taxes and homeowners insurance, the loan is forgiven entirely!
There are income limits (family income can’t exceed local median income) just as for most down payment/closing cost assistance programs.
I know there are lots of people, especially here in Silicon Valley, that have sufficient income to afford a home, but they think they need a lot more money for down payment and closing costs than is really necessary. If you are one of those people, or know someone who is, contact me for details. Information, just like the program mentioned, is free and the advantages of home ownership are simply too great not to be well informed.
