CMG Financial, a privately held mortgage banking firm, has launched HomeFundMe, the first industry-approved crowdfunding platform for mortgage down payments.
Unlike crowd-source site GoFundMe.com, HomeFundMe doesn’t charge transaction fees or take a percentage. In an effort to assist first-time homebuyers with better loan terms, and the opportunity to lower mortgage insurance, all funds collected through the platform are directly accessible to the user as a mortgage down payment with CMG Financial as the lender. And, to expand contribution opportunities, HomeFundMe also links to wedding registries and other platforms.
“The down payment tends to be the largest hurdle in the homebuying process, and we’ve developed a solution to help remove that barrier,” Christopher M. George, president at CMG Financial and vice chairman of Mortgage Bankers Association, said in a statement. “Buyers are able to utilize their own community and network of family and friends to increase the amount they have available for a down payment. We want more people to recognize that there are various ways to purchase a home and become educated in the home buying process.”
Advertisement
Related Stories
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Building Materials
Lumber Leads Building Materials Prices Higher in March
Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops
Demographics
Post-Pandemic Trends: Working From Home
A greater share of workers are still working from home than before the pandemic and they're concentrated in the information, professional, and financial services sectors
