News posted On September 18, 2018
Charleston, SC – – HomeFundItTM the first and only approved down payment crowdfunding platform, recently celebrated the first successful funded loan in Charleston, SC. Kelly and Robbie were planning their wedding when they found the home of their dreams. In their competitive housing market, they knew they had to make an offer right away. Using HomeFundIt to crowdfund their down payment, Kelly and Robbie were able to celebrate two milestones, their new life together in their new home.
Before HomeFundIt, giving someone money for the down payment on a home required extensive paperwork like bank statements and proof of income. Down payment gifts were also limited to close family, religious groups, or the home buyer’s employer. Designed by leading mortgage lender, CMG Financial, HomeFundIt makes it possible for anyone to give, any amount, up to $7,500. All gift letters are documented through the online platform, and contributors have the option to give the gift conditionally or nonconditionally. In the case of a conditional gift, the contributor will be refunded if they campaigner does not end up buying a house.
Today, the average wedding costs between $50 and $175 and the average number of wedding guests is 120 (The Spruce and Bustle). If every wedding guest gifted $100 toward the down payment on a home, a bride and groom could raise as much as $12,000 toward a home. In 2015, the Knot reported 76% of newlyweds lived together before getting married. With the growing prevalence of cohabitation, the traditional wedding registry has become outdated. HomeFundIt modernizes the wedding registry for today’s newlyweds.
To date, HomeFundIt has helped over 300 families raise over $1,000,000 toward down payments on homes. According to Zillow, saving for a down payment is the number one reported obstacle to homeownership. HomeFundIt helps people overcome that obstacle by increasing their down payment from their family, friends, and anyone else in their personal network.
To learn more about the HomeFundIt platform visit www.HomeFundIt.com.
ABOUT CMG FINANCIAL
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.