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Cmg Mortgage Insurance - News

Craig Steven Lyle
Following two decades of work in the retail and wholesale mortgage industry, Craig joined the CMG Mortgage Insurance Company in 2007 as Account Executive for the Northwest Territory. His work required frequent travel in Alaska, Idaho, Montana, Oregon, 

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Should you crowdsource to buy a home?

Getting a mortgage can seem daunting for many homebuyers. It could be your credit history is less than stellar. Or you’re saddled with student debt  and can’t piece together enough money for a down payment.

You may have heard of crowdsourcing — sometimes referred to as crowdfunding — used for sites like Kickstarter or Indiegogo, where you can make a case for people to make small investments in the early stages of a project or idea. If you raise enough money and your project is successful, you get to launch your business, typically at a much lower cost and with less hassle than with a traditional bank loan. Your investors in return, earn rewards in the form of equity in the project or one of the items being produced.

Crowdsourcing to own real estate is a relatively new phenomenon, primarily used for large-scale or commercial investments. Only in the past few months has it become an available option in the U.S. for individual homebuyers. If you’re considering crowdfunding to help you become a homeowner , here’s what you need to know.

No down payment? You could crowdfund it

Crowdfunding comes to home buying

No money? No problem. Thanks to one lender, you may still be able to crowdfund your down payment.

Longtime mortgage firm CMG Financial has just announced the launch of its HomeFundMe platform—a tool that lets buyers crowdfund their down payment, a la Kickstarter and GoFundMe.

Verify your low down payment loan eligibility (Mar 31st, 2018) Crowdfund your down payment

Potential buyers can use HomeFundMe to accept donations toward their down payment, and donors can give up to $7,500 max each.

If the buyer earns less than the local median income, HomeFundMe will even match those donations—to the tune of $2 for every dollar donated.

But like anything, there are, of course, strings attached. Buyers using HomeFundMe will need to use CMG for their Fannie Mae- or Freddie Mac-backed mortgage loan, and they'll need to go through housing counseling first—though CMG will cover the costs of those services.