News posted On May 23, 2018
Cheyenne, WY – HomeFundItTM , the first and only approved down payment crowdfunding platform, recently celebrated the first successful funded loan in Cheyenne, WY. Recently engaged Kyle and Kaitlyn were faced with the enormous costs of paying for a wedding, paying down student debt, and buying their first home. With HomeFundIt, they were able to alleviate the financial burden, become homeowners, and even save some money for their dream wedding.
HomeFundIt, designed by leading mortgage lender CMG Financial, is an online platform that streamlines the down payment crowdfunding process, ensures all funds collected are compliant and ready to be used at the time of home purchase, and connects home buyers to resources including real estate professionals and housing counselors. Unlike other crowdfunding platforms, HomeFundIt does not charge any commission or transaction fees.
Like any mortgage application, the HomeFundIt process starts with prequalification. Home buyers set up their HomeFundIt account in minutes online or through the mobile app. Users get prequalified through the platform with no trips to the bank or lender’s office. Once the home buyer is determined creditworthy, they are connected with a mortgage loan officer in their local area and a dedicated fundraising coach. The loan officer helps the home buyer set a budget and understand the financing process. The fundraising coach assists with building the campaign page and fundraising strategy. HomeFundIt integrates with Facebook, Twitter, and LinkedIn for easy social sharing and also has the option to import email contacts from Gmail, Yahoo, and Outlook to reach contributors in their inbox.
In the past, down payment gifts have been restricted to close family, employers, non-profits, or church groups. HomeFundIt enables anyone to give and ensures all funds collected are properly documented and ready to be used at the time of purchase. Since its launch in October 2017, the program has helped 330 families nationwide crowdfund over $902,00 toward down payments.
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.