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#390647 - 09/30/11 11:43 AM FHA/Wedding Registry Down Payment...
MrsSea Offline
Member

Registered: 07/09/07
Posts: 258
Loc: Washington, DC
I'm sure many have heard about this before, I searched to see if there was a post about it, and I wasn't able to find one, so I'll re-post here:

the FHA has a Bridal Registry program where the money you receive as a wedding present can be used towards the 3.5% down payment on the purchase of a home. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Your friends and family are able to make gift payments into an interest bearing account on behalf of you and your future spouse!

How does this program work? The requirements and guidelines are simple:

• Open a savings account at your bank prior to the wedding
• Friends and family will be given the banking/lender information where the gifts will be deposited (Checks are best, in the memo section, they are to write ‘wedding gift’)
• All of the funds gifted to you can go towards the FHA required 3.5% down payment
• Anyone with an interest in the purchase of the home cannot be party to the gift funds (lender, realtor, etc.)
• There is no requirement that you be married prior to closing on your new home
There is no hassle behind having to track where the funds came from like with some traditional purchases. Simply open the account and be sure to indicate that it’s a “Bridal Registry Account”.

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#390743 - 10/02/11 08:59 AM Re: FHA/Wedding Registry Down Payment... [Re: MrsSea]
DRSRK Offline
Member

Registered: 07/11/11
Posts: 198
Loc: Phoenix
Originally Posted By: MrsSea
I'm sure many have heard about this before, I searched to see if there was a post about it, and I wasn't able to find one, so I'll re-post here:

the FHA has a Bridal Registry program where the money you receive as a wedding present can be used towards the 3.5% down payment on the purchase of a home. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Your friends and family are able to make gift payments into an interest bearing account on behalf of you and your future spouse!

How does this program work? The requirements and guidelines are simple:

• Open a savings account at your bank prior to the wedding
• Friends and family will be given the banking/lender information where the gifts will be deposited (Checks are best, in the memo section, they are to write ‘wedding gift’)
• All of the funds gifted to you can go towards the FHA required 3.5% down payment
• Anyone with an interest in the purchase of the home cannot be party to the gift funds (lender, realtor, etc.)
• There is no requirement that you be married prior to closing on your new home
There is no hassle behind having to track where the funds came from like with some traditional purchases. Simply open the account and be sure to indicate that it’s a “Bridal Registry Account”.



It would be interesting to know if this is actually being used by anyone! whisper
_________________________
“There are no secrets to success: don’t waste time looking for them. Success is the result of perfection, hard work, learning from failure, loyalty to those for whom you work, and persistence.” Colin Powell

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#391077 - 10/05/11 06:25 PM Re: FHA/Wedding Registry Down Payment... [Re: MrsSea]
barb43 Offline
Veteran Member

Registered: 07/31/08
Posts: 1161
Loc: SW Okla
I read your OP aloud to our broker and the 5 Realtors in his Suburban while we were on our Tuesday morning listing tour yesterday. None of us had heard of this before. It's a funny idea, and some might consider it tacky, but what do you call it (but tacky) when someone starts a "money tree" for the bridge & groom? At least the FHA Bridal Registry will provide the couple with something of value.
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005.


LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com

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#393464 - 10/29/11 03:34 PM Re: FHA/Wedding Registry Down Payment... [Re: barb43]
dial1010 Offline
Member

Registered: 01/19/09
Posts: 429
Loc: CA
This is so funny. So, after your purchase the wedding will be cancelled?

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#458914 - 08/27/17 12:28 PM Re: FHA/Wedding Registry Down Payment... [Re: MrsSea]
natalymalcon88 Offline
Junior Member

Registered: 08/27/17
Posts: 2
Loc: Singapore
Does this idea really work?
In reality, it is not so attractive. There are a lot of nuances.

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#458916 - 08/28/17 06:21 AM Re: FHA/Wedding Registry Down Payment... [Re: MrsSea]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7837
Loc: Vermont's North-East Kingdom
It wasn't FHA; but I once had a home "On Deposit" where, unbeknownst to me, the unmarried Buyers (who already had a brood of 4 kids) planned to obtain the money for their Down Payment by soliciting Wedding Gifts from their Family and Friends.

The deal fell through when they failed to raise anywhere near the amount of money necessary to cover the Down Payment and the Closing Costs.

One of their Friends later informed me that this hadn't been the first time that this same couple had pulled this stunt on the same group of people . . . . although it was me for me and my Seller.

I gather that this a game of diminishing returns, and you'll never get as much participation on subsequent efforts as you did on the first announcement. I don't know if this couple refunded these earmarked money gifts that were intended to help with the home purchase . . . . somehow, I kind'a doubt it.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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