SAN RAMON, Calif.--(BUSINESS WIRE)--HomeFundMe, the first and only Fannie Mae and Freddie Mac approved down payment crowdfunding platform, today announced the launch of the Affinity Portal – a program allowing employers to add HomeFundMe to their benefit packages to assist employees in overcoming the down payment obstacle.
This program was created to help employers stand out in competitive marketplaces through innovative benefits packages to build greater retention among the 75.4 million workers in the 18-35 age bracket, the largest demographic of the American workforce. Rising rents, sky-high home prices and massive student debt obligations have left this group with more challenges than ever when it comes to funding the down payment to purchase a home. Most younger employees start out as highly mobile renters, where 78% leave their job in the first 5 years. Among renters, 70% claim that the down payment is the #1 obstacle to home ownership -- a key element in a stable workforce.
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. HomeFundMe loans are eligible for a lender contribution of $2 for every $1 crowdfunded up to the lesser of $2,500 or 1% of the purchase price if the home buyer falls under the Average Median Income (AMI). Home buyers over the AMI can receive a contribution of $2 for every $1 crowdfunded up to the lesser of $1,000 or 1% of the purchase price. In addition, some HomeFundMe loans are eligible for a buyer or listing agent contribution of 1% towards the down payment. Contribution caps are regulated by the area median income, visit http://www.homefundme.com/2for1 for details.
“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 goals. The Affinity Portal helps to bridge that gap by giving employers the ability to give their employees the benefits that matter most to them,” said Chris George, President, CMG Financial. “A typical campaign can cut an employee’s down payment burden in half in many cases. We look forward to working with employers to create their customized crowdfunding portals and give their employees a path to homeownership.”
Benefits of using HomeFundMe through the Affinity Portal platform include: prequalification, fundraising coaching, home buyer education and loan origination. Unlike generic crowdfunding platforms, users will not be charged any taxes, fees or fundraising commissions. All users will receive a dedicated support team consisting of lender, realtor, housing agency coach and fundraising coaches. All funds are Fannie Mae and Freddie Mac approved and held in escrow until closing.
For more information on HomeFundMe and the Affinity Portal, please visit: https://www.homefundme.com/
ABOUT CMG FINANCIAL
CMG Financial is a well-capitalized, privately held mortgage-banking firm founded in 1993. The company makes its products and services available to the market through three distinct origination channels including Retail Lending, Wholesale Lending, and Correspondent Lending.
CMG Financial is licensed in all 50 states, and the District of Columbia, and holds federal agency lending approvals with HUD, VA, RHS, GNMA, FNMA and FHLMC. Throughout the mortgage banking and housing markets, CMG Financial is widely known for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency.