Times Are A Changing

Dated: 10/07/2017

Views: 89

A new way to buy a home — with no money of your own

Source: CNBC

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

Blog author image

Robb Barr BRE 01948048

Robb is a Realtor® at eXp Realty. He has lived in Los Angeles and Ventura County his entire life. He covers the San Fernando Valley, Acton and the Santa Clarita Valley. He also covers the Ventura Co....

Latest Blog Posts

Home sales and price report for August 2018

California’s housing market falters for fourth straight month as high home prices take toll on demand, C.A.R. reports- Existing, single-family home sales totaled 399,600 in August on a

Read More



Read More

4 Things To Avoid To Maintain Your Home's Value

You’re a homeowner now, you can kiss bland uniformity goodbye the moment you turn your apartment keys over to your now former landlord. The world is your canvas — at least, that part of

Read More