Feeling a little down about the prospects for coming up with the downpayment for a San Antonio home? There is good news, and a few more ideas out there for coming up with the money. HomeFundMe has recently been launched by a privately held mortgage banking firm called CMG Financial. It works much like other crowdfunding sites and is the first crowdfunding source that has been approved by Freddie Mac and Fannie Mae. It has been approved on a trial basis until June 2018. In the past, all sources of money used for a downpayment had to be meticulously counted for and was limited to a few specific sources. Now, with this program, anyone can contribute and the lender has even included some matching grants. Getting married? Having a baby? Instead of registering for small gifts, ask people to contribute toward the purchase of a San Antonio home.
Any San Antonio Home Buyer Can Take Advantage of Crowdfunding for Down Payment Help
There are no fees for using the service and those who use it will have the potential to get better terms such as no mortgage insurance. Homebuyer education and counseling is available on the site. Borrowers can even earn a grant that could range from $1,000 to $2,500 for utilizing these services. Once the counseling is completed, borrowers can earn matching donations up to the grant limit from CMG Financial. In order to participate in this program, borrowers must be pre-approved by CMG Financial for a mortgage. The loan must also be Fannie Mae or Freddie Mac approved. The crowdfunding service is also limited to $7,500 in gifted funds and the borrower(s) must earn less than their area’s median income to qualify for the matching grants.
Even if this sounds super amazing, be sure to do your research. As a San Antonio home buyer, it is important to understand the lending process and shop around. Utilizing the HomeFundMe program will lock you into working with CMG Financial. Luckily, the San Antonio real estate market offers beautiful homes for a fraction of the price of many comparably sized cities. Therefore, you may be surprised at how little it could take to get into a home and out of renting.
For more information, call our office at 210.860.1775 or text Homesforsale to 36260.
