How "HomeFundIt" Helps Buyers Save for a Down Payment

Discover how down payment assistance programs can make homeownership more accessible. Start your journey today with Triniyah Real Estate!

For many aspiring homeowners, saving for a down payment is one of the biggest challenges on the road to homeownership. But what if you could harness the power of your community to make your dream of buying a home a reality? That’s where HomeFundIt, a unique program from CMG Home Loans, comes into play. This innovative crowdfunding platform allows buyers to raise money for their down payment with the support of family, friends, and their broader social network.

In this post, we’ll explore how HomeFundIt works, who it’s for, and why it might be the solution you’ve been searching for.

What is HomeFundIt?

HomeFundIt is an online platform designed to help homebuyers crowdfund their down payment. It eliminates traditional barriers by providing a streamlined way to accept financial gifts and apply them directly to your home purchase.

Through HomeFundIt, buyers can create personalized campaign pages where friends, family, and supporters can contribute using credit or debit cards. The platform handles the paperwork, simplifying the gift process by removing the need for gift letters or additional documentation.

Key Features of HomeFundIt

HomeFundIt offers several innovative features and benefits that set it apart:

1. Down Payment Crowdfunding

With HomeFundIt, you can:

• Create a unique campaign page to share your homeownership journey.

• Accept contributions from friends, family, and even your broader social network.

• Bypass the need for gift letters or bank statements, as the platform documents all contributions.

2. $2,000 Closing Cost Grant

Eligible first-time homebuyers can qualify for a grant of up to $2,000, which can be applied to non-recurring closing costs. Here’s how it works:

• For every $1 raised, CMG Home Loans contributes $2, up to a maximum of $2,000 or 1% of the purchase price.

• To qualify, buyers must complete a homebuyer education course or pre-purchase counseling before signing a purchase contract.

3. UpIt™ Shopping Program

The UpIt™ program allows you and your supporters to earn rebate pledges for your down payment by shopping online. With over 1,000 participating retailers, a percentage of every purchase is pledged to your HomeFundIt campaign. On average, rebates are 7.5% per purchase, providing an easy way to build your down payment while shopping for everyday items.

4. User-Friendly and Transparent

The platform is designed to be simple and transparent, with:

• Easy setup for campaign pages.

• No hidden fees for contributions.

• Secure transactions to protect your supporters’ information.

Who Can Benefit from HomeFundIt?

HomeFundIt is especially beneficial for:

• First-time homebuyers looking to maximize their resources.

• Buyers who have supportive friends and family willing to contribute.

• Individuals seeking an alternative to traditional down payment savings methods.

The program is particularly appealing for those who may be eligible for the $2,000 grant, as it significantly reduces the upfront costs of purchasing a home.

How to Get Started

Getting started with HomeFundIt is easy:

1. Create Your Campaign: Set up a personalized campaign page where you can share your story and goals. Include photos, videos, and a message to engage potential supporters.

2. Complete Education Requirements: If you’re a first-time buyer, take a homebuyer education course or pre-purchase counseling to qualify for the closing cost grant.

3. Share Your Campaign: Use email, social media, and word-of-mouth to let friends and family know how they can contribute.

4. Track Your Progress: Monitor contributions and track your progress toward your down payment goal.

5. Apply Funds to Your Home Purchase: Once you’ve reached your goal, HomeFundIt works with your lender to apply the funds seamlessly.

Why Choose HomeFundIt?

HomeFundIt empowers buyers to overcome one of the biggest hurdles in the home buying process: the down payment. By tapping into the support of your network, you can raise funds efficiently, qualify for additional grants, and move closer to your dream of homeownership.

Here are some key reasons to consider HomeFundIt:

• Increased Affordability: Reduce the financial burden of a down payment and closing costs.

• Community Engagement: Share your journey and involve your loved ones in your success.

• Educational Support: Gain valuable insights through required education courses, setting you up for long-term success as a homeowner.

So what now??

For buyers looking for an innovative way to save for their down payment, HomeFundIt is a game-changer. Whether you’re a first-time homebuyer or simply looking for creative ways to finance your dream home, this program can help you leverage your community’s support and take advantage of exclusive grants and incentives.

If you’re ready to start your journey with HomeFundIt or want to learn more, contact us here and we'll connect you with a CMG Home Loans representative.

Your Path to Homeownership Starts Here

Have questions about HomeFundIt or the home buying process? Reach out to us—we’re here to guide you every step of the way. Your dream home is closer than you think!

What’s Happening in the Meriden Real Estate Market

The Meriden, Connecticut real estate market is buzzing with activity, and whether you're a buyer, seller, investor, or renter, understanding the latest trends is essential to making informed decisions. In this post, we’ll break down the key metrics that define the local housing market, including inventory levels, median sale prices, rental rates, and more.

Current Homes for Sale in Meriden

As of now, Meriden has a variety of homes available:

• 44 single-family homes

• 9 condos

• 3 multi-family homes

This inventory provides opportunities for buyers with different needs, from first-time homeowners to seasoned investors.

Homes Under Contract and What It Means

There are currently 32 single-family homes and 9 condos under contract, pending closing. When a home is under contract, it means the seller has accepted an offer, and both parties are moving through the final steps of the sale, such as inspections, financing, and closing. These properties are no longer actively being marketed to other buyers, but the transaction isn’t complete yet.

Recent Sales and Median Prices

Over the past 30 days:

• 68 homes have sold, with a median sale price of $310,000 for single-family homes, reflecting a 3.3% increase from last month and a 9% increase from last year.

• 11 condos have sold, with a median sale price of $219,900, a 3% decrease compared to last year.

Multi-family homes are also popular:

• The median sale price for a two-family home is $312,500.

• A three-family home sells for $372,500, and a four-family home fetches around $441,000.

How Quickly Are Homes Selling?

The market in Meriden is moving fast:

• The median days on market for single-family homes is 6 days.

• Condos stay on the market slightly longer, with a median of 8 days.

• For multi-family homes, the median is 10 days for two-unit properties and 9 days for three-unit properties.

The "days on market" metric shows how quickly homes go from being listed to being under contract. In Meriden, this short timeframe indicates a competitive market.

Price Per Square Foot and Factors Affecting Value

Single-family homes are selling for around $200 per square foot, while condos average $191 per square foot. For multi-family homes, the price per square foot is $138.35 for two-unit properties and $129.27 for three-unit properties.

For sellers, this means you can estimate the value of your property based on its size. For example, a 1,500-square-foot single-family home could sell for approximately $300,000. However, factors like the condition of your home, its lot size, upgrades, neighborhood, and curb appeal can all influence the final sale price.

Inventory Levels: What Months of Supply Means

There is a 2-month supply of single-family homes and a 1.4-month supply of condos. Months of supply refers to how long it would take to sell all the active listings at the current pace of sales if no new listings were added.

In Meriden, these figures indicate a seller’s market, where demand outpaces supply. This often leads to rising prices and competitive conditions for buyers.

Rental Market Trends

For renters, Meriden offers a variety of options:

• Apartments:

  • 2-bedroom apartments rent for an average of $1,400.

  • 3-bedroom apartments rent for about $1,695.

  • 4-bedroom apartments average $1,900.

• Single-Family Homes:

  • 2-bedroom homes average $1,400.

  • 3-bedroom homes rent for around $2,650.

  • 4-bedroom homes average $2,850.

Rental prices can vary based on several factors, including location, condition, size, included amenities, and whether utilities are covered. Properties in desirable neighborhoods or with recent updates tend to command higher rents.

Understanding “Shows-to-Contract”

According to ShowingTime, a platform used by real estate agents to schedule showings, the median "Shows-to-Contract" is:

• 10 for single-family homes.

• 5 for condos.

This means that single-family homes typically require 10 showings before an offer is accepted, while condos only need about 5. This metric highlights the level of buyer interest in Meriden properties.

The Meriden real estate market is active and competitive, offering opportunities for buyers, sellers, and renters alike. With rising prices, quick sales, and a strong demand for homes, understanding the latest trends is critical to navigating the market. Whether you’re thinking of buying, selling, or investing, staying informed will help you make the best decisions for your goals.

Contact us here to let us know how we can help you reach your real estate goals!

New FHFA Loan Limits Explained for First-Time Homebuyers

Good news for homebuyers! Higher loan limits mean more opportunities to achieve your dream home.

The Federal Housing Finance Agency (FHFA) has announced an increase in the conforming loan limits for 2025, raising the baseline limit for single-family homes to $806,500. This 5.2% increase from the 2024 limit of $766,550 reflects the ongoing rise in home prices across the United States.

Understanding Conforming Loan Limits

Conforming loan limits set the maximum amount for mortgages that government-sponsored enterprises like Fannie Mae and Freddie Mac can purchase or guarantee. Loans within these limits are termed “conforming loans,” while those exceeding them are known as “jumbo loans.” Conforming loans typically offer more favorable terms, including lower interest rates and less stringent qualification criteria.

Implications for Homebuyers

1. Increased Purchasing Power: With the higher conforming loan limit, buyers can now finance homes priced up to $806,500 without resorting to a jumbo loan. This expansion allows access to more properties under the more favorable terms of conforming loans.

2. Potential Cost Savings: Conforming loans often come with lower interest rates compared to jumbo loans. By staying within the new limit, buyers may benefit from reduced monthly payments and overall interest costs over the life of the loan.

3. Easier Qualification: Conforming loans generally have more lenient qualification requirements, such as lower credit score thresholds and down payment options. This change can make homeownership more accessible to a broader range of buyers.

Regional Variations

In high-cost areas where the median home value exceeds the baseline limit by more than 15%, the FHFA sets higher loan limits. For 2025, the ceiling for these areas is $1,209,750. This adjustment ensures that buyers in expensive markets can still benefit from conforming loan advantages.

Conclusion

The FHFA’s increase in conforming loan limits for 2025 is a positive development for prospective homebuyers. It enhances purchasing power, offers potential cost savings, and simplifies the qualification process, making homeownership more attainable for many. As always, it’s advisable to consult with a mortgage professional to understand how these changes specifically impact your home-buying plans.