FHA has a Bridal Registry program that allows the money you receive as a wedding gift to be used towards your down payment. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender by setting up an account… your friends and family are then able to make gift payments into an interest bearing account on your behalf!
It’s a great program! Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan and a new home!
Bridal Registry Guidelines
Bridal Registry Accounts were originally introduced in 1996, but still remain a little known fact when it comes to down payment assistance. Newlyweds are now able to make deposits on their own from the gifts they receive.
Here’s how it works:
- You will open a savings account at your bank prior to the wedding
- Friends and family will be given the banking information where the gifts will be deposited
- All of the gift funds can go towards the FHA required 3.5% down payment
- Anyone with an interest in the purchase cannot be party to the gift funds (i.e. realtor)
- There is no requirement that you be married prior to closing on your new home
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!
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please give us a call and we’d be happy to assist you!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Downtown Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Galena 43021 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington 43147 Polaris Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235