MORTGAGE BLOGPosted On August 16, 2018
Austin, TX – After living in seven states in less than a decade, Brooke was ready to settle down. Even with a burgeoning career in marketing, she was struggling to save for the down payment on a home. She turned to HomeFundItTM to see if family and close friends would be willing to contribute to her down payment funds. She was shocked to find out how many people took interest in her campaign, not only family but coworkers, friends, and others.
Before HomeFundIt, down payment contributions were restricted to close family, religious organizations, and employers. Through the platform, anyone can give, any amount up to $7,500. All gifts are documented with the appropriate gift letters online. The funds collected are compliant with Freddie Mac and Fannie Mae and safely held in escrow until the time of home purchase. HomeFundIt users are able to augment their savings and grow their down payments in time to purchase in today’s competitive housing market.
As of 2017, the average age of a first-time home buyer was up to 32-years-old. Young people are delaying homeownership, and thus building wealth, due to skyrocketing rents, massive student debt, and rapid home price appreciation. HomeFundIt helps mitigate that challenging through down payment crowdfunding.
“We work with lots of families who are qualified to purchase a home, but haven’t had the opportunity to save a large enough down payment to make everything truly affordable,” Elizabeth McClellan NLMS 1042382, CMG Financial Loan Officer, explained. With HomeFundIt, more creditworthy borrowers are able to secure mortgage financing and become homeowners, in many cases, for the very first time.
To learn more about the HomeFundIt platform visit www.HomeFundIt.com.
ABOUT CMG FINANCIAL
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CMG Financial is a well-capitalized, privately held mortgage-banking firm founded in 1993. The company makes its products and services available to the market through three distinct origination channels including Retail Lending, Wholesale Lending, and Correspondent Lending.
CMG Financial currently operates in all states, including District of Columbia, and holds federal agency lending approvals with HUD, VA, RHS, GNMA, FNMA and FHLMC. Throughout the mortgage banking and housing markets, CMG Financial is widely known for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency.
