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Employers Can Now Add to Down Payments

Employers Can Now Add to Down Payments

A new program allows employers to help workers put a down payment on a home, similar to how companies contribute to a 401(k). HomeFundMe, a Fannie Mae and Freddie Mac-approved down payment crowdfunding platform, allows borrowers to crowdfund their down payment from several sources, including their employer. CMG Financial, a mortgage banking firm, created the HomeFundMe program. Employers can contribute directly to employees’ HomeFundMe accounts to help raise funds for a down payment on a home. HomeFundMe explains: “The HomeFundMe…

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