To qualify for a first-time homebuyer grant, you can't have any assets

I think I've known this stupid government philosophy for quite some time...as in decades, but it came up recently and my response was, "Now that's just stupid!"

There are city and county grant programs that are given to low income families to help them buy a home.

The funds are a grant and the only stipulation is that you must remain in the home you purchase for 10 or 15 years otherwise you have to pay the grant back.

I know a little about finance and I can tell you that if you can get a grant and then later decide to sell the home which means you have to pay the grant back, that is like getting a no interest loan! Not a bad deal.

BUT, to qualify for these grant programs, you can't have any assets. No savings, no retirement accounts, nothing.

Does that make sense? You are about to be qualified for a low income mortgage and get this free grant, but you have NOTHING to fall back on.

"Now that's just stupid!"