FHA Bridal Registry Have Newlyweds saying "I Do".
Do you have plans on getting married and buying a home but not sure if you will have the funds? Set up a "FHA Bridal Registry Account".
It works like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Then your friends and family are able to make gift payments into an interest bearing account on your behalf. Newlyweds can also make deposits into the account as well.
This is a little know fact that FHA's announced the "Bridal Registry Account" October 2, 1996 . The intent is to give couples planning to get married the opportunity to receive monetary gifts from friends and family for the specific purpose of making the down-payment on a home.
Here is how it works:
- Open up a savings account at your local bank with account name "Bridal Registry Account".
- Give Family and Friends the banking information where gifts can be deposited.
- All of the gift funds can be used towards your FHA 3.5% down payment.
- Anyone with an interest in the transaction can not provide funds. (i.e. Realtor)
- There is no requirement that you be married prior to purchasing the home.
- If plans change, you can simply withdraw the money and use it for something else.
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!
Learn more on "Why You Should Not Make Any Major Credit Purchases" and "Using a Buyer's Agent"