If you’re about to get married or your a newlywed, you can get help from a little-known bridal registry program created by FHA. It is difficult in today's day and age to save enough money to make the required down payment for a mortgage. Most couples think they may be able to turn wedding gifts into cash so that they can start off their lives together as homeowners. However FHA requires that you provide proof of money deposited into a regular bank account. So with numerous gifts and cash it may be quite time-consuming to get a gift letter from all your wedding attendees.
This FHA streamlined program provides couples and opportunity to create a new bank account named "Bridal Registry Account". The wedding attendees, family members and friends will be provided with the details of this bank account and all the funds deposited in this bank account will qualify for gift funds and can be used to purchase your new home. There is no further documentation necessary. Providing proof that the The 3.5% down payment is from your own funds in combination with a Bridal Registry Account (Gift) will make it much easier for a new couple to buy a home.
There is no penalty if you decide later on that you do not want to use this money to purchase a home. You may simply withdraw the money and use it for what you wish.
Good Luck To All The Newlyweds out there. Happy Home Buying.
If your looking to buy a home in Ocean or Monmouth County New Jersey,
Give me a call, I can help.
Dawn Marie White, Broker Sales Manager, Crossroads Realty Inc
1-800-677-4033 Office 732-581-9414 Cell Dawnmariewhite@gmail.com