New HomeFundMe portal allows down payment crowdfunding integration into employee benefits

by Francis Monfort12 Jan 2018
Down payment crowdfunding platform HomeFundMe has introduced Affinity Portal, a program that allows employers to help their employees raise funds for a down payment by adding HomeFundMe to their benefit packages.

With the Affinity Portal, employers have the option to elect to match donations in any amount. Employers only have to share the customized crowdfunding platform with their employees. HomeFundMe will provide all the materials to communicate the benefit.

“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 of CMG Financial, which launched HomeFundMe. “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.”

Through HomeFundMe, lenders may contribute $2 for every $1 crowdfunded. Contributions have a maximum of the lesser of $2,500 or 1% of the purchase price for buyers that fall under the average median income and up to the lesser of $1,000 or 1% of the purchase price for buyers over the median. HomeFundMe loans are also eligible for a buyer or listing agent contribution of 1%.


Related stories:
Crowdfunding platform for mortgage down payments launched
Average credit scores continue decline among millennial homebuyers
 

Poll

Should CFPB have more supervision over credit agencies?