DENVER – In an effort to make home buying easier, RE/MAX Unlimited recently implemented the HomeFundMe™ service. HomeFundMe™ is the first government agency-approved online platform where homebuyers crowdfund money towards their down payment.
“HomeFundMe™ is unique in that sourcing/seasoning of funds is not required in most cases,” said Realtor Troy Hansford, of the Troy Hansford Real Estate Team at RE/MAX Unlimited. “When a buyer is ready to raise funds for their down payment they will work with a CMG Financial loan officer to get pre-qualified, as CMG Financial is currently the only mortgage banker that offers this program.”
The potential buyer is then paired with a CMG fundraising coach who will help them build their personal HomeFundMe™site and brainstorm as to the best distribution methods based on their personal circumstances. “Now they are off to the races when they start sharing on social media and in their social circles,” added Hansford.
This allows friends, family, their spiritual community, HR departments, wedding guests, and more to contribute. As pre-qualified buyers begin to raise their funds, CMG Financial connects them with experienced Realtors and homebuyer education experts.
“Be aware that buyers are required to complete a homebuyer education course in order to qualify for lender contributions,” noted Hansford. “However, the mortgage process is in line with conventional loan guidelines/processes and is a piece of cake.”
Two homebuyers who have already benefited from the program are Jeff and Hannah Smith, a father-daughter team. They were short on funds to close after the unexpected passing of their wife/mother. “We opened their HomeFundMe™ account on August 17, 2017 and by Aug. 18 they had raised $8,100 – $2,000 over their goal,” concluded Hansford. “Many of the donations were $20 through $25, while others were $500 and above. This was a heartwarming example of how community working together can truly make a difference.”
Troy Hansford is a licensed Realtor at RE/MAX Unlimited. He serves the Denver, Aurora, Centennial, Parker, Littleton, Highlands Ranch and Castle Rock areas and specializes in golf course homes and country club properties. For more information, call 303.617.0607 or visit troyhansford.com. RE/MAX Unlimited is located at 3300 S. Parker Road, Ste. 100 in Denver.