Crowd Funding To Purchase Your Home

Dated: 12/06/2017

Views: 106

With Social Media so popular, have your heard of Crowd Funding to purchase a home? I had not heard of it until I sat down to visit with a lender from CMG Financial to add her to my preferred network. Ashleigh Fletcher and I were visiting and she was telling me that her company is the ONLY company who has Group Funding. I had no idea what in the world she was talking about until she explained it to me. Think about couples who are getting married and want money instead of gifts. This is a similar concept; however, they would ask their family and friends to donate to the Group Fund. Very similar to a GoFundMe account, the Group Funding account that is designed specifically for the down payment on a home. Interesting concept I think!

Home buyers get pre-qualified, share their story, and raise funds all through the Group Funding platform called HomeFundMe! How does it work? First the home buyer(s) set up an account on www. They build a campaign page with photos and video and share their story. Just like any other mortgage financing program, they must get pre-qualified but completing the online application, determining what their loan amount would be and establishing the minimum down payment with a Loan Officer and a Fundraising Coach.

Once they get prequalified, they are ready to share their campaign. By sharing via Social media, it only take a few clicks! They can share via Facebook or other social networks and by direct messaging to connect with friends and family. The more shares the better chances of a successful campaign.

With support throughout the process from a community of advisors and counselors and of course me as their Realtor, they are helped to navigate the various steps to get to successful closing!

Even better - they may be eligible for up to a 1% contribution toward the down payment or closing costs! That's huge...think about it, that's $2,000 for a $200,000 home! $2,000 that the home buyer does not have to come up with!

Once the buyer reaches the campaign goal, the funds will be ready to apply toward the purchase of the new home. Even better this particular lender funds prior to closing which means a stress-free closing for all parties involved.

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