Employers Can Now Add To Down Payments

Dated: 01/16/2018

Views: 329

-AA+A

Employers Can Now Add to Down Payments

DAILYREAL ESTATENEWS | FRIDAY, JANUARY 12, 2018

A new program allows employers to help workers' down payment on a home, similar to how companies contribute to a 401(k). 

HomeFundMe, a Fannie Mae and Freddie Mac-approved down payment crowdfunding platform, allows borrowers to crowdfund their down payment from several sources, including their employer. CMG Financial, a mortgage banking firm, created the HomeFundMe program. Employers can contribute directly to employees’ HomeFundMe accounts to help raise funds for a down payment on a home.

HomeFundMe explains: “The HomeFundMe Affinity Portal allows employers to add HomeFundMe to their benefit packages, with the option to elect to match donations in any amount. Employers simply have to share the customized crowdfunding platform with employees, and HomeFundMe will provide all the materials necessary to communicate the benefit.”

Some loans may also be eligible for a lender contribution of $2 for every $1 crowdfunded, up to $2,500 or 1 percent of the purchase price. Buyers who have incomes above the average median income can receive a lender contribution of $2 for every $1 crowdfunded, up to $1,000 or 1 percent of the purchase price.

HomeFundMe loans are also eligible for a buyer or listing agent contribution of 1 percent toward the down payment.

All crowdfunded money is held in escrow until settlement.

“More than ever, employers are looking for ways to retain and attract the best and brightest talent and millennials are looking for the lifestyle perks that will help them achieve their goal,” says Chris George, president of CMG Financial. “The Affinity Portal helps to bridge that gap by giving employers the ability to give their employees the benefits that matter most to them.”

Source: CMG Financial

Want to Advertise on this Site?

Latest Blog Posts

Buyers Arent Taking Advantage Of Favorable Market

https://magazine.realtor/daily-news/2019/09/10/buyers-aren-t-taking-advantage-of-favorable-market?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+DailyRealEstateNews+%28Daily+Real+Estate

Read More

Which Home Security Systems Make Owners Feel Safer

Which Home Security Systems Make Owners Feel Safer?Does having a security system in your home make you feel safer? Here's a great article showing what types of

Read More

The 3 Most Common Homebuyer Programs Explained

How do you go from dreaming of owning a home to holding your first set of keys? If you’re like most first-time buyers, the down payment is your biggest hurdle — but it may not need to be.There

Read More

Renters Vs Owners Whos Winning In Your Neighborhood

The number of rented vs. owner-occupied homes in a neighborhood is one of the many factors that can affect home values. Generally speaking, having more owners living in and caring for their homes is

Read More