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FHA "Bridal Registry" Downpayment Program

By
Real Estate Agent with Integrity Residential Brokerage LLC

FHA "Bridal Registry" Downpayment Program

Recently, I read a blog by Rebekah Radice, titled "Newlyweds say "I DO" to FHA Bridal Registry Gift Funds". I hadn't heard of this FHA Program before, so I did a little research and found out the following:

The FHA Bridal Registry program was originally introduced in 1996 but it still remains a little known fact when it comes to down payment assistance. 

 

HERE IS HOW IT WORKS 

 

  • Register with a bank and open an interest bearing savings account prior to the wedding
  • Then, your family and friends can make gift payments into the account on your behalf
  • All of the gift funds can go towards the FHA required 3.5% down payment
  • Anyone with an interest in the purchase cannot be party to the gift funds (i.e. seller, mortgage consultant, realtor, etc.)
  • There is no requirement that you be married prior to closing on your new home

Rebekah Radice further explains, "Another huge advantage is that there are no gift letters or other documentation required other than proof of your savings account named "bridal registry account." It's that simple!"

So, potential home-buyers, if you're engaged to be married, I encourage you to check out this great, creative way to start saving a down payment on a home by opening a "Bridal Registry Account".

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About the Author:

If you, or anyone you know, is considering buying or selling a property, Integrity Residential Brokerage located in Pepperell, MA, would love to hear from you!  We strive to offer you the highest level of professional assistance possible making your desires and goals a reality.

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Information deemed reliable but not guaranteed. Please note that individual listings periodically mentioned in this blog are accurately described in terms of availability and price at the time of the posting. Because properties are constantly coming on and off the market, please contact Catherine for the latest information on those that are of particular interest to you.

 

 

Posted by

Agent pictureCatherine Condon, Broker MA & NH

Integrity Residential Brokerage

www.Integrity-RB.com

(978)433-0000

Comments (2)

Jimmy Katz
Wynd Realty & Katz Realty Group - Alpharetta, GA
"REAL Solutions for Real Estate!"

that is one of the most creative things i have heard in a long time.  sure beats a coffee maker!

Jun 29, 2011 04:37 AM
Catherine Marrone
Integrity Residential Brokerage LLC - West Newbury, MA
West Newbury MA real estate, Essex County

Hi James - Totally agree! It just amazes me to find out about great programs such as this and NO ONE knows about them. If FHA went to the trouble of developing the program, why isn't it being promoted on a nation-wide scale? This program has been around since 1996 and I wonder how many people have taken advantage of it.  Or, how many lenders are aware of it and promote it??

Jun 29, 2011 06:34 AM