Article here
Some of the more concerning ones:
-Crowdsourcing
CMG Financial, a lender based in San Ramon, California, has created Homefundme.com, where prospective home buyers can tap the collective pockets of their social network.
“They can basically ask their family, friends, associates, colleagues, Facebook friends to give them five bucks here and there” toward a down payment, Lawless says.
-Rental income
Meanwhile, Seattle-based Loftium allows prospective home buyers to rent out a room in their future home to help seed their down payment.
In exchange for a future share of the rent from your room on Airbnb, Loftium will forecast the income and give you a percentage of that upfront, which you can then apply to your down payment.
The borrower will need to kick in 1% of the total down payment; Fannie Mae allows the other 2% to come from Loftium, Lawless says.
Submitted August 13, 2018 at 10:46AM by billbixbyakahulk https://ift.tt/2B2c2op
