Fayetteville Arkansas, University of Arkansas--Old Main Overview

Fayetteville Arkansas, University of Arkansas--Old Main Overview
Overview of Fayetteville, AR

Sunday, July 10, 2011

Help the Bride and Groom Buy a House: FHA Bridal Registry

It’s too late for the June weddings, but maybe for those getting married in July and August and beyond this would be a possibility. I just found out about a really nifty way to help those about to be married purchase a home—establish a Bridal Registry account for their down-payment.

This novel idea has been around since the ‘90s but has received little publicity. A part of the FHA Bridal Registry Gift Funds program, all approved FHA lenders are automatically eligible to participate .

Here’s what the Bride and Groom need to do:

• Open a savings account named "Bridal Registry Account” at your bank prior to the wedding.
• Give the account information to friends and family who make deposits on your behalf.
• The entire gift funds can go towards the FHA required 3.5% down payment.
• If someone gives you a monetary gift directly, you can deposit the funds in the account.

More good news:

• You do not have to married prior to closing date.
• You do not have to provide FHA with any documentation other than proof of the "Bridal Registry Account.”
• This does not have to be your first home purchase.
• If you decide to not buy a home, you may withdraw the funds to use as you like with no penalty.

Without a "Bridal Registry Account,” the FHA normally requires a gift letter and certification of the source of funds for your down payment. With the account, your documentation is greatly simplified.

This program can be such a boon to couples as they start out in life. In addition to helping them acquire the funds to buy a home, it eliminates the consequences of receiving duplicate or unwanted gifts.

If you know folks who are planning to marry, pass this information along to them. Now we just have to find a lender who is knowledgeable about the program and who can help set up accounts. 

For more information, click here:

No comments: