FHA Bridal Registry Gift Funds – Down Payment Assistance for Newlyweds

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FHA Bridal Registry Gift Funds – Down Payment Assistance for Newlyweds

If you’re planning to get married and buy a home in Central Ohio, but wonder where your down payment funds will come from… FHA might have a solution for you!

FHA has a Bridal Registry program  that allows the money you receive as a wedding gift to  be used towards your down payment. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with

a lender by setting up an account… your friends and family are then able to make gift payments into an interest bearing account on your behalf!

It’s a great program! Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan and a new home!

Bridal Registry Guidelines

Bridal Registry Accounts were originally introduced in 1996, but still remain a little known fact when it comes to down payment assistance.  Newlyweds are now able to make deposits on their own from the gifts they receive.

Here’s how it works:

  • You will open a savings account at your bank prior to the wedding
  • Friends and family will be given the banking information where the gifts will be deposited
  • All of the gift funds can go towards the FHA required 3.5% down payment
  • Anyone with an interest in the purchase cannot be party to the gift funds (i.e. realtor)
  • There is no requirement that you be married prior to closing on your new home

Another huge advantage is that there are no gift letters or other documentation required other than proof of your savings account named “bridal registry account.” It’s that simple!

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