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\u201cSeven years ago, we launched a platform that would give more people the opportunity to purchase a home and start building wealth sooner,\u201d said Chris George, CEO and President of CMG. \u201cIt started from one simple idea: to help more families achieve the American Dream by overcoming their number one hurdle to homeownership.\u201d\u00a0<\/p>\n 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.\u00a0<\/p>\n HomeFundIt<\/i> was created to help home buyers raise money for their down payments completely online \u2013 with no taxes, no hidden fees, and no offline paperwork. All they do is sign up and create their online campaign<\/a> to start raising money. It\u2019s 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\u00a0<\/i>lets anyone<\/i> 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.\u00a0<\/p>\n Hannah and Jeff launched the very first HomeFundIt <\/i>campaign in 2017<\/a> 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\u2019s valued at $350,500. Through the help of HomeFundIt<\/i>, they have been able to earn over $155,500 in home wealth. Another HomeFundIt<\/i> success story<\/a> was Enrique and Madelynn. Though they had a down payment, it wasn\u2019t quite large enough to buy the home they wanted. With the help of HomeFundIt<\/i>, 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<\/a>.\u00a0<\/p>\n \u201cOver the past seven years, HomeFundIt<\/i> has helped home buyers raise over $8 million for their down payments,\u201d said Paul Akinmade, Chief Strategy Officer. \u201cWe\u2019re constantly thinking of ways to make homeownership more accessible.\u201d<\/p>\n
\n SAN RAMON, Calif., September 13, 2024 (Newswire.com)
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\n <\/strong>CMG Financial, a leading privately-held mortgage banking firm, is commemorating seven years since the launch of HomeFundIt\u2122, the nation\u2019s first and only down payment gifting platform. Since 2017, HomeFundIt <\/i>has helped over 2,500 families purchase a collective $700 million in real estate.\u00a0<\/p>\n