You might have heard of Kickstarter or GoFundMe, launched by CMG Financial – we’ll now that concept of inviting people to contribute to a project has hit the home market and it’s called HomeFundMe. There are stipulations naturally.
- Borrowers must be approved by CMG Financial to use the tool
- Gifts are limited to $7,500
- Loan must be a Fannie-Mae or Freddie-Mac one
- Borrower’s must earn less than the area’s median income to qualify for matching contributions/grants
- Method forces borrowers to use CFG Financial and its rate structures, thus one can’t go rate shopping
We suggest you check out the article and get more details on this interesting new financing option.
The more you know, the more you grow! And if growing means funding a down payment then that’s a huge bonus.
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