Bridal Registry
Congratulations on Your Engagement!Want to buy a home and take advantage of amazing deals on homes? Don't have the down payment money you need?
Take advantage of the FHA Bridal Registry program the U.S. Department of Housing and Urban Development has put together.
The FHA Bridal Registry program works like any other traditional registry. You set up a savings account with the intent to use the entire account for a down payment on a home. Provide the details of your savings account to friends and family so they can send their gift to your savings account. Or, you can deposit money directly into the account. If just 50 people provide a $100 gift to your account you have the required down payment on a $140,000 home!
Why is this better than just having money gifted toward a down payment? When you have money gifted for a down payment you must:
- Prove exactly where the money comes from
- Document the relationship between the borrower and the giver
- Prove where the giver got the money
- Show where the money has been held for at least the last 2 months
- Produce Letters of Explanation to explain the entire gift
- Show the funds came from the specified savings account
Want to know more? You can contact Trish O'Donnell of Kansas City Mortgage Group at 913-396-4469.
Ready to start looking for a home? You can contact Amy Williams of Keller Williams.
Want to set up your savings account to start getting gifts toward your down payment? Contact Garet King of Core First Bant & Trust.
