A new way to buy a home — with no money of your own
You can crowdfund your business, your charity, your product, your vacation — and now you can crowdfund your home.
CMG Financial, a mortgage lender, just launched HomeFundMe, the first online platform that allows borrowers to crowdfund the down payment on a home purchase without fees and with the backing of mortgage giants Fannie Mae and Freddie Mac.
The majority of millennials today may say they want to be homeowners, but that claim nearly always comes with the caveat ... if I can afford the down payment. High levels of student loan debt, high rent and under employment during the recession have left the largest generation with little savings and diminished hopes of home ownership.
Until now, borrowers could receive down payment assistance from their close family members, employers, community nonprofits and thei r churches, all with significant documentation. This was so lenders could be sure they weren't borrowing the down payment, adding debt on top of the mortgage. Lenders also wanted to be sure borrowers were able to make the monthly mortgage payments.
Full story https://www.cnbc.com/2017/10/05/a-new-way-to-buy-a-home-crowdfunding-the-down-payment.html
Author:Robb Barr Phone: 805-551-4454 Dated: October 7th 2017 Views: 78 About Robb: ...
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