Newlyweds Have a New Bridal Registry with FHA
Getting married in Michigan? Saying "I do" in Indiana? Tying the knot in Kentucky? Ready for nuptials in North Carolina?
If you’re taking the plunge, you can add another option to your "bridal registry" choices. No longer do you have to only go to Bed, Bath & Beyond or Sears to pick out gift ideas. Now you have a whole new option: FHA. No, that doesn’t mean you take the bar code scanner and pick out houses (although that could be fun!). Instead, you sign up to receive cash gifts which will fund your FHA home loan down payment. Any gift donations your family and friends give you will go directly into an interest-bearing savings account. Then you can use it as part of the 3.5% down payment on an FHA home mortgage loan.
Here’s a look at what it takes to make this happen:
- Open a savings account at your own bank before the wedding (there are no specific banks you must use)
- You give the bank name to the guests just like you’d share the gift registry information
- The money given can be used for the FHA mortgage loan down payment
- You can add your own money to the pot, making the down payment grow even faster
- Anyone involved in the home purchase (like a real estate agent) cannot gift the account
- You don’t have to be married before the closing in order to take part
- FHA doesn’t require any gift letters or proof other than the "bridal registry account" name on the savings account
So if you’re getting hitched in Florida and want to buy a house, consider taking part in the FHA Bridal Registry program. Newlyweds in Wisconsin can take advantage, and get the 3.5% down payment gifted. A couple in Tennessee can have their wedding guests pay for the down payment on their newlywed-nest.
It’s a great program for first time home buyers getting married wanting to start off with a home instead of renting. While the Bridal Registry accounts have been around since 1996, many people have no idea this down payment assistance program even exists.
If you’re ready to start looking at what it takes to get that first mortgage, download the free eBook "Get Mortgage Ready Kit" at the button below. Whether it’s the "Bridal Registry Program" from FHA or another home mortgage loan, knowledge is power, and AmeriFirst has offices in several states. Becoming a first time home buyer could be just around the corner for you!
(Wedding Ring photo courtesy: Dan Moyle on Flickr)
Would you tell people where to give cash gifts? Or do you think that's tacky? Leave your thoughts in the comments below!