[caption id="attachment_8430" align="alignleft" width="250"] George: UpIt makes homes more affordable for consumers[/caption]

CMG Financial, a privately-held mortgage banking organization, has launched the UpIt feature for its digital-down-payment platform, HomeFundIt.

In addition to crowdfunding with HomeFundIt, home buyers can now grow their down payment when they, or a participant in their network, shops at participating UpIt retail partners. When shoppers make a purchase with an UpIt retail partner, a percentage will be pledged toward the associated campaign. HomeFundIt users have the option to crowdfund, shop with an UpIt partner, or do both to save for a down payment.

“HomeFundIt was founded on the principle that buying a home is a community event. UpIt brings that idea to the next level by creating another innovative pathway to homeownership. Shoppers can support the campaigns of friends and family or choose to support campaigns they find compelling,” said Christopher George, founder, president, and CEO of CMG Financial. “This addition is making homeownership more accessible in the markets we serve and that potential increases as we continue to add retailers to the platform.”

To launch UpIt, home buyers first sign up with HomeFundIt online and build a campaign page. Once the campaign is active, a network of shoppers can contribute to the campaign by selecting a retail partner from the UpIt store and making a purchase. To use the feature, prospective home buyers can get started immediately. In addition, the UpIt feature does not have a time limit within which the funds must be used.

It’s designed to function as a home saving account for an active home buyer, someone repairing their credit, or a college student looking to buy within a few years. If the home buyer intends to use UpIt in conjunction with crowdfunding, they need to get prequalified for mortgage financing before raising funds. Among the retail partners are Smart Home, Gabriel New York and Sonos.