Mortgage-banking firm CMG Financial recently launched HomeFundMe, a crowdfunding platform for prospective homebuyers.
A survey from NeighborWorks America found that 70 percent of adults feel they can't afford a down payment, and that 1 in 4 millennials thinks the minimum down payment required is 21 percent, The Washington Post reports. HomeFundMe offers homebuyer counseling for a grant opportunity of $1,000 - $2,500, and covers the counseling fee.
The HomeFundMe service can be linked to your wedding registry or a baby registry on other platforms to make it easier to accept donations toward your down payment. HomeFundMe does not charge any fee, and 100 percent of the funds collected are directly accessible to the user as a down payment. People who donate can make their gifts conditional on you buying a home or unconditional.
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