News posted On January 14, 2019
San Ramon, CA – CMG Financial, a privately-held, well-capitalized mortgage banking firm headquartered in San Ramon, CA, announced today it will offer a $1,500 grant toward nonrecurring closing costs for all home buyers whose combined household income is less than 80% of the Area Median Income. The Make It Possible Grant is available with conventional conforming mortgage loans with down payment options as low as 3%. The Make it Possible Grant can be combined with other CMG Financial grants like the HomeFundIt grant, also valued up to $1,500. The Make It Possible Grant will be available on qualifying loans funded by April 30th, 2019.
CMG Financial hopes to make it possible for more renters to buy homes in 2019. Most prospective home buyers are aware of the need to save for a down payment, but closing costs are often overlooked, especially by first-time home buyers. Multi-millionaire real estate investor Barbara Corcoran told CNBC, “the biggest mistake that first-time homeowners make is they forget that they need closing costs.” Closing costs can range anywhere from 2% to 5% of the total amount of the mortgage loan. Programs like the $1,500 Make It Possible Grant can assist with that cost. To find out if you qualify for the Make It Possible Grant visit the calculator here.
To combine the $1,500 Make It Possible Grant with the $1,500 HomeFundIt Closing Costs Covered Grant, prospective home buyers must complete pre-purchase counseling before signing a purchase contract. CMG Financial will cover the cost of the pre-purchase counseling to ensure the grant is accessible to all HomeFundIt users. The HomeFundIt grant will match contributions that are crowdfunded on the platform up to the lesser of $1,500 or 1% of the loan amount. Family and friends can contribute to the HomeFundIt campaign online, with the option to give conditionally on the purchase of a home or nonconditionally. All gifts are documented and stored safely in escrow until the time of home purchase. HomeFundIt is available for conventional financing only. To learn more about HomeFundIt visit www.homefundit.com.
HomeFundIt users now have an additional opportunity to grow their down payment on top of crowdfunding contributions. By adding the UpIt feature to an active HomeFundIt campaign, HomeFundIt users can earn extra down payment contributions every time they or someone in their network shops at a HomeFundIt retail partner. Prospective home buyers can even activate the UpIt feature years before buying a home. There is no expiration on funds earned through UpIt, and the feature can be used by itself or in conjunction with crowdfunding. To learn more about UpIt visit the UpIt store here.
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.
HomeFundIt was designed by leading mortgage lender CMG Financial and launched in 2017 as a direct-to-consumer crowdfunding platform for would-be home buyers looking to grow their down payment. Today, it has evolved into a multi-faceted digital down payment service.
HomeFundIt has expanded to include the HomeFundIt for Employee Benefits Program to allow employers to alleviate the down payment burden for employees, the HomeFundIt Realtor Portal to enable realtors to create custom cobranded websites and marketing material to expand their reach and will introduce UpIt by HomeFundIt to enable users to increase their down payment by shopping at participating retailers, early next year.