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
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Register with a bank and open an interest bearing savings account prior to the wedding
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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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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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