Are you planning on getting married and buying a home soon, but aren’t sure where your down payment funds are going to come from. FHA (Federal Housing Administration) has a Bridal Registry program which can be used to accumulate money you receive as a wedding present and use it towards your down payment. The FHA Bridal Registry works just like a normal department store registry, except instead of registering with Target or Pier 1 you are allowed to register with a lender.
From that point your family and friends are allowed to transfer gifts into an interest bearing account on your behalf.
There are 3 simple steps:
1. A couple opens a savings account prior to the wedding and labels it “Bridal Registry”.
2. Gifts are deposited.
3. All of the 3.5% down payment can come from these gift funds. The best part about this FHA program is there are no gift letters or paper trails. You simply open a savings account labeled “Bridal Registry” and the soon-to-wed are that much closer to purchasing their first home.
For more information regarding the purchase of a home or other mortgage topics, contact myself or your local mortgage professional. Visit my Facebook page or email me at rob@ccmloans.com Rob Smee, Mortgage Consultant – Country Club Mortgage.
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