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Little Known Fact – The FHA Bridal Registry

March 21, 2012

Since I seem to have many friends tying the knot here recently, I thought that this would prove informative.

One of the biggest hurdles first time home buyers face is how to save enough money for the down payment on a new home. One way to get financial help is to make use of the little known FHA Bridal Registry Program. Created in 1996 by the U. S. Department of Housing and Urban Development (HUD), this program allows family and friends to make gift payments to a special interest bearing account that is set aside specifically for your home purchase.

The advantage of this program is that the paperwork is much simpler than ordinary financial gift requirements, and there is no limit to how large the gift can be. Even though the program was designed to help marrying couples, it also covers individuals and unmarried couples as well. So if you would rather have your friends and family help you with buying a new home instead of getting you another toaster, talk to your lender about setting up an FHA Bridal Registry.

Wedding Photos

Wedding Photos (Photo credit: Sean Choe)

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