Learn about our crowdfunding down payment platform for home buyers.

General Questions

HomeFundIt is a game-changer in two ways. First, it widens the circle of people who can make down payment contributions to a Fannie Mae or Freddie Mac loan transaction, 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 from what you may be familiar with. The idea is to make it easier for relatives and friends – your personal network - to be able to help you with your down payment. Now they can lend a hand online, without all the hassle of writing paper checks, gift letters, or 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 and begin to gather gift contributions toward a down payment. There are no income restrictions to use the HomeFundIt platform.

Standard conventional loans from Fannie Mae and Freddie Mac that work with HomeFundIt do not have income restrictions however, certain low down payment loan programs from Fannie Mae and Freddie Mac do have their own income restrictions. Talk to your Loan Officer to learn more about which loan program is best for you.
HomeFundIt can be used with any Fannie Mae or Freddie Mac type loan program, including standard conventional loans, HomePossible and HomeReady 3% down payment programs, and high-balance conforming loans where conforming loan limits are higher. HomeFundIt cannot be used with renovation loans, FHA, VA, USDA, Jumbo or other programs.

HomeFundIt is exclusive to CMG Financial, one of the largest privately-held mortgage lenders in the U.S. CMG Financial, NMLS ID # 1820 in most, but not all states, is an equal opportunity lender. The company was founded in 1993 by Chris George, and is based in San Ramon, CA.

Campaign Details

A typical campaign runs between 4 and 8 weeks. Once you begin sharing your campaign with family and friends, the money starts flowing fairly quickly from those who are inclined to give. We see some campaigns go longer, particularly those who are planning far in advance (e.g. wedding-related campaigns, people working through credit issues, etc.). Don’t worry; you have 12 months, from the date you receive your first contribution, to complete your campaign.
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 of family and friends. 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!

Ready to get started? It's easy to sign up! 

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 it would be great if they contributed 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. If your network is close-knit, that’s okay too. It’s about quality not quantity! 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.
Funds are deposited into an escrow holding account with Merchants Bank of Indiana 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 complete your home purchase, or cancel.

When you buy a home, the funds are wired from the escrow account to the seller. If you cancel your campaign, checks will be disbursed accordingly. Any conditional contributions will be returned to the donor(s).
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.
Connect with your Loan Officer if you’re ready to start accepting down payment gifts from family and friends. The Donate button will not become active until you have completed your financing pre-qualification, a loan file is linked to the campaign, and your loan officer enters a minimum down payment amount in our loan origination system. These steps are very quick, so in most cases, you can be up and running soon.
There are none! Unlike other crowdfunding platforms that charge transaction fees and take a percentage, HomeFundIt does not impose taxes and fees on your collection of funds.
Yes. You can add a real estate agent later. You can set up your campaign without a Loan Officer but, if you do, we’ll assign you one.
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 homebuyers at any time: https://events.genndi.com/register/818182175026322850/d11c33a066

Program Details

There is no upper limit on how much a HomeFundIt campaign can raise in total. You can raise your entire down payment via HomeFundIt.
Once you are prequalified by your Loan Officer and the blue Contribute button on your campaign dashboard goes live, you have 12 months from the receipt of your first donation to complete your campaign and close on a home purchase. This works particularly well if you have a long time horizon until purchase. Any gifts collected after the 12 month deadline cannot be applied to your down payment, and will be disbursed separately.
If you do not achieve your goal funds within the 12 month time frame, the HomeFundIt team will conduct an assessment to determine if the goal is still attainable. In some cases, an extension will be applied to the campaign. If the goal is not attainable, non-conditional funds will be disbursed to you and conditional funds will be returned to each contributor.
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’s no 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-)homebuyer, 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 in escrow. Conditional contributions are returned to the donors. Non-conditional gifts can be kept by you.