Learn about our crowdfunding down payment platform for home buyers.

General Questions

HomeFundIt is a unique product in two ways. First, it widens the circle of people who can make down payment contributions, allowing non-relatives (friends, co-workers, wedding guests, etc.) to give. Second, it makes it much easier to give, by allowing online contributions via U.S. debit and credit cards (up to $5,000 per donor) and no tedious offline paperwork . These two features are unique to HomeFundIt.
Technically, yes, but it's a little different than other crowdfunding platforms. HomeFundIt is exclusively used for the down payment on a home. The idea is to make it easier for relatives and friends – or anyone in your personal network - to be able to help you with your down payment. They can lend a hand online, without all the hassle of writing paper checks, gift letters, or providing financial statements. Yes, total strangers can also give, and we do see that from time to time, but the primary focus is on your personal network.
HomeFundIt is available to any U.S. resident for the purchase of a single-unit, primary residence within the United States. There are no age restrictions to set up a HomeFundIt campaign page, but you must be at least 18 years of age to apply for a loan. There are no income restrictions to use the platform.

Talk to your Loan Officer to learn more about which loan program is best for you.
HomeFundIt can be used with any loan program funded by CMG Financial or its joint venture partners. Normal terms and conditions for each loan program apply. HomeFundIt is exclusive to CMG Financial, one of the largest privately-held mortgage lenders in the U.S., and its joint venture partners.

Campaign Specifics

Once you begin sharing your campaign with family and friends, the money usually starts flowing fairly quickly from those who are inclined to give. Campaigns can be short-term for those who are hoping to buy in the near future, or they can be long-term for those who are planning far in advance (e.g. wedding-related campaigns, people working through credit issues, etc.). There is no time limit on how long you can keep a campaign open.
There are 3 components to a successful HomeFundIt campaign:

1) A great campaign photo – most often this is of you or your family, but it might be a photo of your dream home, a wedding photo, or your first child.

2) Your story – why home ownership is important to you, when you hope to buy, and how family and friends can help (be sure to thank them in advance).

3) Sharing your campaign with your network - this is the single most important factor to success.

Buying a home is a huge milestone, just like graduation or getting married. Friends and family who shared those events with you are likely to support you in this next big life step too!
Yes. Most wedding registry sites have a place where you can include the URL for your HomeFundIt campaign page. You should let your wedding registry guests know that they have the option to contribute to your down payment campaign (wouldn’t you rather have a house than a fancy toaster?).
While it’s not required, connecting your campaign to your Facebook profile is an easy way to share your story with family and friends. The average Facebook user has approximately 350 friends. You might also pick up a few “re-shares” this way, which can get your story in front of other friends with whom you are not directly connected.

If you don't use Facebook, you can also connect with family and friends by adding your email contact list to your campaign, so that it’s easy to send them email updates and encourage them to check out your campaign page.
Absolutely! Your minimum down payment will stay the same, but you can adjust your ultimate goal at any time. Just log into your campaign and edit your goal.
Yes, you can set up your campaign before you select a real estate agent or loan officer. You can add a real estate agent later and if you aren’t already speaking with a loan officer we can assign you one.
There are none! Unlike other crowdfunding platforms that charge transaction fees and take a percentage, HomeFundIt does not impose taxes or fees on your collection of funds.
You can start accepting down payment once your campaign page is live.
Once you set up your HomeFundIt campaign, you’ll receive weekly emails with links to our quick-start onboarding videos. Each video is about 3-5 minutes long. You can watch them individually as they arrive, or you can binge-watch the entire set of six videos here: https://vimeo.com/album/5856349

You can also view our pre-recorded webinar for prospective home buyers at any time: https://events.genndi.com/register/818182175026322850/d11c33a066
Gift funds are deposited into a holding account with our payment processor and held there until you purchase a home or cancel your campaign. Funds do not earn interest since they are essentially liquid and available when you request them.

When you start shopping for a home, CONTACT YOUR LOAN OFFICER and discuss when you should transfer gift funds into your bank account. It is IMPORTANT that you coordinate this carefully, and at least 60 days prior to submitting a complete loan application for underwriting approval. If you do so less than 60 days prior to submitting a loan application, some of your gift funds may not qualify for use as down payment funds, and you may need to provide additional documentation. With advance planning and good communication with your loan officer, the process will go smoothly.

Nuts and Bolts

There is no upper limit on how much a HomeFundIt campaign can raise in total. You can raise your entire down payment or more via HomeFundIt. Any additional funds can be applied toward your closing costs.
There is no deadline to complete your campaign. We reserve the right to close inactive campaigns if it appears that they have become abandoned.
Since the per-donor limit on HomeFundIt campaign donations via the platform is $5,000 per donor, donations to HomeFundIt campaigns will fall well below the current annual Federal Gift Tax Exclusion ($15,000 per individual donor, $30,000 per couple filing jointly, or as part of the $5.6 million lifetime exemption) and therefore would not be taxable to the donor.

However, if the donor also gave additional funds outside of the HomeFundIt platform, the amount given via the HomeFundIt platform would of course be included in their total gift amount under tax rules.

Donations made to a HomeFundIt campaign are not tax-deductible, as the recipient is an individual, not a registered charity. This information is presented only for general learning and does not constitute tax advice; consult your personal tax advisor for guidance.
There is not a limit on the amount of gift money that can go into a down payment, with no tax implication to the recipient, as long as the buyer is purchasing a primary residence (which is required in the case of HomeFundIt). If a home is not purchased, any gift funds not returned to donors would become the property of the (non-)home buyer, and these funds would not be taxed as they are made under the Federal Gift Tax rules applied to the respective donors. This information is presented only for general learning and does not constitute tax advice; consult your personal tax advisor for guidance.
If you do not buy a house and you cancel your campaign (or it is cancelled by us), there is a final disposition of cash contributions.