Got questions? We have answers.
What makes HomeFundIt different?
Is HomeFundIt crowdfunding?
Who can use HomeFundIt and are there any restrictions?
Standard conventional loans from Fannie Mae and Freddie Mac that work with HomeFundIt do not have income restrictions however, certain low down payment loan programs from Fannie Mae and Freddie Mac do have their own income 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?
HomeFundIt is exclusive to CMG Financial, one of the largest privately-held mortgage lenders in the U.S. CMG Financial, NMLS ID # 1820 in most, but not all states, is an equal opportunity lender. The company was founded in 1993 by Chris George, and is based in San Ramon, CA.
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 of family and friends. 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?
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 homebuyers at any time: https://events.genndi.com/register/818182175026322850/d11c33a066
Nuts and Bolts
Is there a limit to how much I can raise?
Is there a deadline to complete my campaign?
What happens if I do not hit my down payment funds goal in time?
Are down payment donations taxable or tax-deductible to the donor?
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?