You want to purchase a home in the future, but you don’t know where to start. You’ve seen all the “rules” for down payments and don’t want to ask your family for help. So how can you get started on this life-changing home buying process with ease? HomeFundIt!
What is HomeFundIt?
HomeFundIt is the first and only platform that helps first-time homebuyers overcome today’s #1 barrier to buying a home – the down payment. It allows a prospective homebuyer to build a larger down payment by gathering contributions online from family, friends, wedding guests, and others – up to $5,000 per donor, with just a few clicks, a debit or credit card, and none of the annoying offline paperwork previously associated with down payment gifts.
On top of that, the new UpIt feature built into every campaign enables family and friends to shop online at nearly 1,000 top online retailers, and rebate from the purchase (varies, averaging 7.5%) is pledged back to the campaigner’s down payment fund. HomeFundIt is exclusive to CMG Financial and Mortgage Mark.
The idea is to make it easier for relatives and friends to help you with your down payment. With quick and easy setup and a user-friendly interface, you’ll wonder why you never started before.
HomeFundIt Guidelines & Fun Facts
- Funds can only be applied at closing
- Only for single-family primary home purchases
- We are not able to combine HomeFundIt with HFA / Bond programs
- Once you start, the first $1,000 receives a 2-1 match by CMG Financial
- All donations are yours even if you don’t finish the program
- There is no campaign maximum
HomeFundIt FAQ
What makes HomeFundIt different?
HomeFundIt is a gamechanger in two ways. First, it widens the circle of people who can make down payment contributions to a purchase transaction, allowing non-relatives (friends, coworkers, wedding guests, etc.) to give. Second, it makes it much easier to give, by allowing online contributions via U.S. debit and credit cards and no tedious offline paperwork (up to $5,000 per donor). These two changes are only available via the HomeFundIt platform.
How does a prospective homebuyer get started?
The borrower can go to www.homefundit.com and set up a HomeFundIt campaign, or they can start at their Realtor’s HomeFundIt real estate agent portal.
Who can sign up for HomeFundIt?
Any U.S. resident can sign up for a HomeFundIt page.
$2,000 Closing Costs Grant
$2 FOR $1 CONTRIBUTION MATCH
CMG Financial (or its joint venture partners) will give $2 for every $1 collected from family and friends (pledged funds do not apply) up to $2,000 or 1% of the purchase price, whichever is less. Grant funds will be applied to non-recurring closing costs.
PLUS EARN BONUS MONEY TOWARDS YOUR $2,000 CLOSING COST GRANT, IN MULTIPLE WAYS!
SHOP ! GET $2 FOR EVERY $1 UPIT PLEDGE EARNED, ONGOING!
SHARE! GET $10 PER SOCIAL SHARE, ONGOING!
*(per social platform, per day, each time you or any of your supporters share your campaign through the Facebook, LinkedIn, or Twitter buttons on your campaign page toward your Closing Costs Grant.
**when you or your supporters shop using the UpIt link on your campaign page. For example: If you shopped at Walmart.com and earned a 4% UpIt pledge, you’d get an extra 8% toward your Closing Costs Grant.
Grant Eligibility Criteria
- First-time home buyer, as defined by Fannie Mae (at least 1 borrower must have not owned a home in last 3 years).
- Completion of free Home Buyer Education course prior to signing the purchase contract. Can be same day online, or over the phone.
FREE Home Buyer Education
Purchasing and owning a home is a big step. Home Buyer Education helps borrowers understand the process, and learn how to responsibly manage their mortgage. We’re big believers in helping borrowers prepare for this, so it’s required to earn the Closing Costs Grant.
Home Buyer Education is easy and can be completed over the phone or online.
Over the phone education is available on weekdays only and takes 45-60 minutes to complete.
How to Setup Your Campaign Page
- Click the GET STARTED button, and follow the easy setup screens. You can start collecting down payment gifts, and you and your supporters can shop with UpIt right away!
- CONNECT with a CMG loan officer (or one of our joint venture partners), and get prequalified. It’s easy, fast, requires no paperwork, and helps you plan properly for your home purchase.
- SHARE. Let your family and friends know that you could use a little help with your down payment, and invite them to drop by your campaign page to make a contribution, OR shop online with Upit. They can download the UpIt Chrome extension so that your down payment grows every time they shop via UpIt online.
Conclusion
Whether you are planning a wedding, graduating college, or simply looking to buy a home soon, HomeFundIt is a simple and essential program! Feel free to reach out to the Mortgage Mark team for any questions related to this post or others on the site.
Mark Pfeiffer
Branch Manager
Loan Officer, NMLS # 729612
972.829.8639
MortgageMark@MortgageMark.com
We assist clients with all type of mortgage loan programs