CMG Financial, a privately-held mortgage banking firm, announced today the launch of the HomeFundMe mobile application. The mobile application allows users to share updates and post pictures and videos from their phones, making crowdfunding for a mortgage down payment more accessible and easier.
HomeFundMe is the first and only industry approved down payment crowdfunding platform that helps potential homeowners increase the amount of their down payment – resulting in more buying opportunities, better loan terms, as well as lowering and possibly eliminating mortgage insurance.
The notifications feature allows users to stay connected to their crowdfunding, and users can seamlessly share their successes via integrated iMessage and social media sharing settings. Payments are streamlined as well, with integrations for both Apple Pay and Google Pay.
The app launch comes as HomeFundMe hits its six-month anniversary. In this time, HomeFundMe has empowered users to crowdfund more than $650,000, including $250,000 in grants given by CMG Financial, and 180 families assisted in the home buying process. Through the crowdfunding process, HomeFundMe helped users to make a downpayment doubling the minimum needed to purchase home, creating opportunity for prospective homeowners who might have felt locked out of the process before.
“We are thrilled with the activity that we have seen on HomeFundMe in the short time since the platform launched in 2017,” CMG Financial president and CEO Chris George said. “The milestones that we have hit are a testament to the need for innovation within the mortgage industry. HomeFundMe has been able to do this in a way that unlocks the opportunity for consumers to buy a home.
“With our new mobile application, we are continuing to give our users the most seamless experience in realizing their dream of homeownership with the most convenient tools. The homebuying process is not easy, but with mobile access, crowdfunding to meet your goals can be.”
HomeFundMe also recently launched the Affinity Portal, allowing employers to add HomeFundMe to their benefit packages, with the option to elect to match donations in any amount. The HomeFundMe app is available on both the Apple Store and Google Play.