Have you met Mr. or Mrs. Right? Is it time to "tie the knot"? Here is something to concider when you set up your Bridal Registry!!
Forget Macy's and Crate & Barrel. Set up your bridal registry at the bank and use the funds for the FHA down payment on a home. This could be perfect for people getting married who already have their household items and really need help getting into a home.
FHA has had this little known program that allows cash gifts since 1996. Sellers, builders, real estate agents or anyone with a financial interest are restricted fom making a gift contribution. It's not difficult to set up and it's available with any FHA lender.
- Inform your mortgage professional early of your intention to obtain all or part of your down payment from gifts to the FHA homeowner bridal registry.
- Open a savings account at your bank named "bridal registry account"
- Friends and family are given account deposit information