If you're looking to tie the knot in the Spring of 2012, don't overlook the FHA Bridal Registry. Yes - you read that right! The FHA Bridal Registry Program empowers up and coming home buyers to apply their families’ wedding gifts toward their down payments. And although it’s named a “bridal registry” program, you don’t have to be a prenuptial couple to use it. You could also use this program to collect gifts for graduation, the arrival of a baby or some other major life event in which people want to give you gifts! Awesome, huh?
The FHA Bridal Registry works like a traditional registry, but is more flexible. The registrants(wanna-be home buyers) visit their choice of FHA mortgage lender and set up a savings account for the sole purpose of funding their down payment. The couple’s family and friends can either deposit funds directly into the account or give the cash or check to the couple, who then deposits it into the account. The account’s flexibility also goes beyond that of traditional down payment gift rules, so no worries there. The required downpayment for FHA is stil only 3.5%, so before the buyers know it, home sweet home is a reality!
If you have an upcoming wedding, graduation or new addition (or just need an Owensboro,KY home), contact me to start your home search and Heather Montgomery to get your savings account started. Call me anytime, Karen Pannell, 270-903-2167 or email at kp@KarenPannell.com