Got questions? We have answers.
What makes HomeFundIt different?
Is HomeFundIt crowdfunding?
Who can use HomeFundIt and are there any restrictions?
Talk to your Loan Officer to learn more about which loan program is best for you.
What loan programs and lenders can I use with HomeFundIt?
How long is a typical campaign?
What makes a successful HomeFundIt campaign?
1) A great campaign photo – most often this is of you or your family, but it might be a photo of your dream home, a wedding photo, or your first child.
2) Your story – why home ownership is important to you, when you hope to buy, and how family and friends can help (be sure to thank them in advance).
3) Sharing your campaign with your network - this is the single most important factor to success.
Buying a home is a huge milestone, just like graduation or getting married. Friends and family who shared those events with you are likely to support you in this next big life step too!
Can I link my campaign to a wedding registry site?
Do I have to share my campaign via Facebook?
If you don't use Facebook, you can also connect with family and friends by adding your email contact list to your campaign, so that it’s easy to send them email updates and encourage them to check out your campaign page.
What if I don't use Facebook?
Can I change my down payment amount?
Can I set up my campaign before selecting a real estate agent or loan officer?
What about taxes and fees?
When can I start accepting down payment contributions?
What resources are available to help manage my HomeFundIt campaign?
You can also view our pre-recorded webinar for prospective home buyers at any time: https://events.genndi.com/register/818182175026322850/d11c33a066
How is the money handled?
When you start shopping for a home, CONTACT YOUR LOAN OFFICER and discuss when you should transfer gift funds into your bank account. It is IMPORTANT that you coordinate this carefully, and at least 60 days prior to submitting a complete loan application for underwriting approval. If you do so less than 60 days prior to submitting a loan application, some of your gift funds may not qualify for use as down payment funds, and you may need to provide additional documentation. With advance planning and good communication with your loan officer, the process will go smoothly.
Nuts and Bolts
Is there a limit to how much I can raise?
Is there a deadline to complete my campaign?
Are down payment donations taxable or tax-deductible to the donor?
However, if the donor also gave additional funds outside of the HomeFundIt platform, the amount given via the HomeFundIt platform would of course be included in their total gift amount under tax rules.
Donations made to a HomeFundIt campaign are not tax-deductible, as the recipient is an individual, not a registered charity. This information is presented only for general learning and does not constitute tax advice; consult your personal tax advisor for guidance.
Are donations taxable as income to me, the recipient?
What happens if I don't buy a house?