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AI Homebuying Returns Cash to Buyers
15 Oct
Summary
- Homa secures $5M seed funding for California expansion.
- Platform offers up to 2% cash back to buyers at closing.
- New feature integrates mortgage lending within the platform.
Homa, an AI platform designed to transform the U.S. home buying process, has successfully raised $5 million in seed funding. The round was led by Quiet Capital, with additional investment from Restive Ventures and Cambrian Ventures. This funding is allocated for significant expansion throughout California and the introduction of in-platform mortgage lending services.
This expansion makes Homa available statewide in California, adding to its presence in Florida and Texas. The platform aims to simplify home buying by consolidating search, touring, negotiation, closing, and financing into a single, unified experience. Homa is distinguished by its unique model, which credits buyers with up to 2% of the purchase price at closing, often amounting to over $10,000.
The new mortgage feature allows buyers to secure loans directly within the Homa platform. This integration is expected to streamline the financing process, reduce delays, and enable buyers to use their closing credit for rate buydowns, potentially lowering mortgage rates by up to 0.75%. The company, co-founded by former Zillow executive Arman Javaherian and AI specialist Federico Campeotto, has already returned millions to buyers in existing markets.
