SAN RAMON, CA / ACCESSWIRE / September 13, 2024 / CMG Financial, a leading privately-held mortgage banking firm, is commemorating seven years since the launch of HomeFundIt, the nation's first and only down payment gifting platform. Since 2017, HomeFundIt has helped over 2,500 families purchase a collective $700 million in real estate.
"Seven years ago, we launched a platform that would give more people the opportunity to purchase a home and start building wealth sooner," said Chris George, CEO and President of CMG. "It started from one simple idea: to help more families achieve the American Dream by overcoming their number one hurdle to homeownership."
Down payments have historically been one of the biggest challenges for home buyers. This past summer, the average down payment reached a record $67,500. Though there are many low down payment loan programs, they can still cost tens of thousands of dollars upfront.
HomeFundIt was created to help home buyers raise money for their down payments completely online - with no taxes, no hidden fees, and no offline paperwork. All they do is sign up and create their online campaign to start raising money. It's designed to be a much simpler process than typical down payment gifting. It also allows for a wider pool of people to contribute. Unlike traditional down payment gifting, which typically is restricted to family only, HomeFundIt lets anyone with a credit or debit card contribute up to $5,000. As a bonus, CMG also contributes $2 for every $1 that home buyers raise through their campaign.
Hannah and Jeff launched the very first HomeFundIt campaign in 2017 when they were under contract on a home but still needed down payment funds. After building their campaign, they were able to raise over $11,000 in four days. When they purchased their house, it was worth $195,000. Today, it's valued at $350,500. Through the help of HomeFundIt, they have been able to earn over $155,500 in home wealth. Another HomeFundIt success story was Enrique and Madelynn. Though they had a down payment, it wasn't quite large enough to buy the home they wanted. With the help of HomeFundIt, they were able to increase their down payment amount and qualify for better loan terms. They purchased their home at $156,000 and have earned $114,000 in wealth since. Check out more success stories here.
"Over the past seven years, HomeFundIt has helped home buyers raise over $8 million for their down payments," said Paul Akinmade, Chief Strategy Officer. "We're constantly thinking of ways to make homeownership more accessible."
To learn more about the platform, visit www.homefundit.com
About CMG Financial
CMG Financial is a well-capitalized mortgage bank founded in 1993 by Christopher M. George, a former Mortgage Bankers Association Chairman. CMG makes its products and services available to the market through three distinct origination channels: retail lending, wholesale lending, and correspondent lending. CMG also operates seven joint venture companies with builder & realtor partners, holds an impressive MSR/servicing portfolio, and serves the capital markets of fixed income trading & sales through CMG Securities. CMG currently operates in all states, including District of Columbia, and holds approvals with FNMA, FHLMC, and GNMA. The company is consistently recognized as a top-producing lender and top mortgage employer, and it prides itself on helping clients achieve the dream of homeownership through product innovation and streamlined servicing.
Media Contact:
Annaugh Madsen
Phone: (667) 260-6360
Email: amadsen@cmgfi.com
Contact Information
Annaugh Madsen
Senior Copywriter
amadsen@cmgfi.com
(667) 260-6360
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SOURCE: CMG Financial
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