For couples planning to get married before you spend the time doing the bridal registry thing at stores, picking out housewares, china and perhaps some other things you don’t really need or won’t use, consider putting a house on your list! Well, maybe a house itself is a little much, but how about a downpayment for one? This gives friends and families an opportunity to have their gift make much more of a long and lasting impact than a typical wedding gift.
How it works…
FHA has a program available whereby couples can contact a participating lender, such as the lender I would recommend, Mike Huber, with Movement Mortgage, and request that a bridal registry account be established in their names. Then, friends and relatives can give funds to the couple for their account, or deposit funds directly into the Bridal Registry account. When it’s all said and done the couple is NOT required to use all of the funds, or even part of the funds, for downpayment however, if they choose to do so, FHA will allow those funds to be used to satisfy the downpayment requirement on a home mortgage. If the couple has changed their mind about buying, they would simply withdraw the funds and do what they want with them.
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