Twitter Facebook LinkedIn Instagram
Phone 1.800.501.2001
CAREERS LEADERSHIP OUR STORY CMG CARES CONTACT
CMG NEWS PARTNERS
WHOLESALE CORRESPONDENT CLEAR LOG IN
PAYMENT CENTER
Menu Close CMG Logo START
CONSUMER
FIND A LOAN OFFICER
PURCHASE
REFINANCE
RESOURCES
LOAN PRODUCTS
WHOLESALE
CORRESPONDENT
ABOUT CMG
PARTNERS
CMG NEWS
PAYMENT CENTER

BlogMORTGAGE BLOG

Search

HomeFundIt: How it Works

Blog posted On August 17, 2017

HomeFundItTM is a crowdfunding platform designed specifically for the down payment on a home.  Home buyers get prequalified, share their story, and raise funds all through one platform.  Here’s how it works…

 

  1. Go to www.HomeFundIt.com.
  1. Build your campaign.

Tell your story on your unique HomeFundIt campaign page.  Add photos and video so potential contributors can get to know you.

  1. Get prequalified.

Just like other mortgage financing programs, it starts with prequalification.  Complete the online application, determine your loan amount, and establish your minimum down payment with your Loan Officer and Fundraising Coach.

  1. Share your story.

Social sharing is as easy as a few clicks, especially if you integrated your account with your Facebook page. Share your campaign on social networks and through direct messaging to connect with your friends and family.  The more networks you reach, the more potential your campaign has.

  1. Get support throughout the process.

You have a community of advisors and counselors. Having someone on your side helps you navigate the various steps and be prepared for a timely closing.

The Fundraising Coach helps you with your campaign strategies and walks you through the home buying process.

The Loan Officer guides you through the mortgage financing process, including any down payment assistant resources you might be able to leverage.

The Realtor helps you find your home and make an offer.

The Housing Counselor provides home buyer education to better prepare you for the financial responsibilities of owning a home.

  1. Closing Costs Covered - Grant Opportunity 

Eligible first-time home buyers will earn $1 for every $1 raised via crowdfunding (pledged funds to not apply) up to the lesser of 1% of the purchase price or:

• Up to a $1,500 grant if Home Buyer Education or Pre-Purchase Counseling is completed prior the purchase contract being signed.

• Grant funds can only be applied to non-recurring closing costs.

  1. Buy your new home.

When you reach your campaign goal, your funds will be ready to apply toward your new home purchase.  Welcome home!

 

If you’re interested in learning more, please visit www.homefundit.com.  Buying a home is, in many cases, a community event.  HomeFundIt can help.

 

Grants available to first time home buyers only. Housing counseling must be completed by HUD approved housing counselor to receive CMG Financial grant. Find a housing counselor near you by visiting https://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. CMG Financial will contribute $1 for every $1 raised via crowdfunding (pledged funds do not apply) up to the lesser of 1% of the purchase price, or $1500 if home buyer education and pre-purchase counseling is completed before the purchase contract is signed. Grant funds can be applied to closing costs. If closing costs are fully paid by seller or interested party, grant funds can be used to buy down the rate. Under no circumstances can grant funds be used towards a down payment. Visit https://homefundit.com/Terms for complete terms and conditions.

HomeFundIt™ is a service provided by CMG Financial. © 2018 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS# 1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender. Licensed by the New Hampshire Banking Department. Licensed by the Virginia State Corporation Commission #MC-5521. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and www.nmlsconsumeraccess.org.