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Mortgage lender CMG Financial has launched HomeFundMe, the first crowdfunding website for prospective homebuyers; the donations are considered gifts rather than loans.
CNBC reports many lenders are testing a variety of similar ideas to accommodate changing customer preferences, and address financing needs.
The majority of millennials today may say they want to be homeowners, but that claim nearly always comes with the caveat ... if I can afford the down payment. High levels of student loan debt, high rent and underemployment during the recession have left the largest generation with little savings and diminished hopes of homeownership.
"This allows you to tell your story. It allows for folks to be able to buy into the story of what it is you have, your loan story, your home story," said Christopher George, CEO of CMG Financial and vice chairman of the Mortgage Bankers Association. "Our tag line is, 'Fund your way home.' We think homeownership still is very sensible and, done correctly, is a good idea to step forward toward wealth, stability and quality of life."
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