CMG Financial Home Buyer Raises Over $40,000 Toward Down Payment Through Crowdfunding

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Aug 29, 2019, 15:41 ET

WASHINGTON, N.J., Aug. 29, 2019 /PRNewswire/ -- After decades of traveling ministry work throughout the country and around the world, the Meyer family of six is proud to move into their first permanent home, following the success of their HomeFundIt down payment crowdfunding campaign. HomeFundIt, designed by leading mortgage lender CMG Financial, is an online platform that allows prospective home buyers to source down payment contributions from family, friends and anyone else who wishes to give. All funds raised are documented with the appropriate gift letters and stored safely until the time of home purchase. The Meyer family raised a record $41,854 from 46 individual contributors.

Rich and Becky Meyer began their ministry work in the early 90s, serving others throughout the greater New York City area while working with the Children's Bible Fellowship. In 2014, the family partnered with the Liebenzell Retreat Center, continuing to serve others across five continents. This year, the family decided to settle in one place to allow their two youngest children to finish school in one location.

"Never owning a home, never even renting, and we had to begin a process that was totally foreign to us," Rich Meyer explained in an interview. They had saved $10,000 toward the purchase of a home but were still short of their 20% down payment goal. After researching down payment assistance programs, they launched a HomeFundIt campaign. Through HomeFundIt, they got connected with CMG Financial loan officer Alex Hicks and were also able to take a free homebuyer education course to better understand the mortgage process, prepare them for the next steps and review the ongoing needs of homeownership so they could proceed without uncertainty.

"Using HomeFundIt's educational program was very eye-opening," Becky Meyer said in an interview. "The program was simple, easy to understand, and set up in a way that you could do a section at a time and understand all the different terms associated with buying a home." During the span of three short months, they were able to surpass their down payment goal and raise $41,854 from 46 friends and family members. After taking the free homebuyer education course, they are confident and comfortable with the responsibility of homeownership.

To date, 590 HomeFundIt users have raised over $1.7 million toward their mortgage down payments. HomeFundIt is available to first-time home buyers and repeat home buyers. To launch a campaign, one must get prequalified for mortgage financing with CMG Financial.

About CMG Financial

CMG Financial is a well-capitalized, privately held mortgage-banking firm founded in 1993. The company makes its products and services available to the market through three distinct origination channels including Retail Lending, Wholesale Lending, and Correspondent Lending.

CMG Financial currently operates in all states, including District of Columbia, and holds federal agency lending approvals with HUD, VA, RHS, GNMA, FNMA and FHLMC. Throughout the mortgage banking and housing markets, CMG Financial is widely known for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency.

Media Contact:
Madelynn Graham
Phone: 443.455.1137
Email: [email protected]

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SOURCE CMG Financial