One of the leading and most innovative mortgage lenders in the country, CMG Financial, has joined the CPP program. CMG Financial has been around 25 years and offers home and commercial loans with two proprietary and innovative programs that set them apart in the marketplace. Founded in the Bay Area and based in San Ramon, CA, they have offices in 44 states with 25 licensed branch locations. Additionally, they are led by founder and CEO Chris George, who currently serves as chairman of the Mortgage Bankers Association.
Their two proprietary programs include the All in One Loan and the Homefundit program. The All in One Loan is a line of credit tied to a 30-year mortgage, helping the average loan holder of this program to pay off the loan in 8-12 years. The HomeFundIt program is a platform for crowdfunding that assists the loan applicant in raising money for a down payment on a home. Available to individuals making less than $150K per year, this popular and proprietary program features no transaction fees and is easy to share on social media, enabling friends, family or those in the general public to donate money. The funds are available for home purchase immediately and contributors have the option to give conditional or non-conditional gifts. Applicants must get prequalified before starting to crowdfund and it is limited to 12 months before home purchase. The applicant may also apply for up to a $1,500 grant for closing costs through CMG Financials’ free homebuyer education program.
The Community Foundation’s Village on Sage Street and workforce housing spurred CMF Financials’ interest in the Community Foundation and the CPP program. Michelle Shaman, Sales Manager for the Builder Division in Northern California and Reno-Sparks, says they can start the HomeFundIt program and help the residents at the Village save and raise funds for a home loan down payment.
“I saw how our HomeFundIt program could help the residents at Village on Sage Street. When I met with Ginny Harding-Davis and the team it just cemented how CMG Financial could work with the Foundation through the Corporate Philanthropy Program.”
Because CMG Financial does direct lending with in-house underwriting, loans are closed much more quickly. They also have a large selection of conventional, jumbo, FHA and VA loan programs.
Shaman picked Reno because of favorable taxation, a slower pace than the Bay Area and a more affordable cost of living. She also loves doing philanthropy work.
Shaman will duplicate the home builder program she launched in California with builders in Reno – and CMG Financial will eventually expand this program nation-wide. She works with Toll Brothers, KB Homes, TRI Pointe Homes and other builders here in Reno.