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Can’t save for a down payment? Your employer may be able to help

Aly J. Yale
Aly J. YaleThe Mortgage Reports Contributor

New tool lets companies offer down payment benefits to workers

Need help saving for your down payment? Then you may want to find a new job. Thanks to a new offering from crowdfunding platform HomeFundMe, employers can now make down payments a bona fide part of their benefits packages.

Click to see your low-downpayment loan eligibility (Oct 15th, 2018)

Hiring homeowners

HomeFundMe, a down payment crowdfunding platform aimed at Millennial home buyers, has just launched a new tool called the Affinity Portal. Designed specifically for employers, the portal allows companies to offer down payment savings opportunities as part of their HR benefits.

No down payment? You could crowdfund it

According to Chris George, president of HomeFundMe’s parent company, CMG Financial, the Affinity Portal tool offers organizations a way to stand out in today’s competitive labor market.

“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,” George said. “The Affinity Portal helps to bridge that gap by giving employers the ability to give their employees the benefits that matter most to them.”

You don’t need a 20 percent down payment to buy a home

Employers can even opt to match donations made to their employees’ HomeFundMe campaigns. And for Millennials, who face rising home prices and sky-high student loan debt, that can be a real game-changer.

“A typical campaign can cut an employee’s down payment burden in half in many cases,” George said. “We look forward to working with employers to create their customized crowdfunding portals and give their employees a path to homeownership.”

Click to see your low-downpayment loan eligibility (Oct 15th, 2018)

Other added benefits

HomeFundMe campaigns are also eligible for grants. Lenders can grant up to $2 for every $1 that’s crowdfunded, with a cap of $2,500 or 1 percent.

The Affinity Portal tool also streamlines the prequalification process for home buyers. Additionally, it also provides coaching on fundraising tactics and offers educational resources on homeownership and loan origination. Each campaign comes with a dedicated mortgage lender, realtor, housing agency coach and fundraising coach.

Get today’s mortgage rates

Saving for a down payment is only part of the home buying process. Want to make sure you’re getting a great deal? Then, be sure to shop around and find the best rate first.

Click to see your low-downpayment loan eligibility (Oct 15th, 2018)