Choosing your Home goal amount.

We know that it might be tricky to decide your Home goal amount for your fundraiser, but the good news is that it will be based only on how much you can pay each month based on your rental history. You can change it anytime you get a raise or show that you can pay more toward your monthly payment. Also, there is no requirement to reach your goal, and you will still be able to use all funds raised toward buying your dream home.

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That’s why we believe in character over credit and the power of community-based investing. Because of these beliefs, we provide funding opportunities for first-time homebuyers where conventional lenders won’t.

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The following is an example of calculating your fundraiser Home goal amount. For pricing, check here.

Example:
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Downpayment:

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All Home fundraisers will have the same initial contribution to become an Owner-Resident. They start from 2.5% of the home’s value ($17k for many of the median prices of a one-bedroom apartment in Manhattan of $710,000). You can find this information on each home listing of similar homes you want to purchase, so you’ll know exactly what’s required.
So, if you're interested in living in a home valued at $600,000, your initial 2.5% equity investment would be $15,000. If the home is $500,000, your initial investment would be even less ($12,500). Plus, you don't need to commit to a mortgage.

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Using a percentage of your income can help you choose your goal amount. For example, the 28/36 rule may help you decide how much to spend on a home. The rule states that your home goal should be no more than 28 percent of your total monthly gross income and 36 percent of your total debt.