FHA Bridal Down Payment Registry

If you’re getting married sometime soon, you may want to consider having your friends and family donate to your new house down payment instead of to your fine china collection. With the Bridal Down Payment Registry program, your entire down payment can be in the form of a gift, and you can even co-sign with someone who won’t be living there (think mom and dad).

While the name implies the program is strictly for brides to-be, it can actually be used by any individual or individuals who receive gifts specifically for a down payment on a home. The only requirement is that the lender document the receipt of these monetary gifts according to the program’s guidelines.

As with all FHA insured loans, this one must follow the typical FHA guidelines. In addition, 6% seller concessions are allowed to cover closing costs, meaning you could move into your new home with no money out of your own pocket.

For complete details on this program, visit the HUD website: http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_36273.txt.

You may want to consider the Bridal Down Payment Registry loan program if all or a majority of your down payment will be in the form of a gift from friends and family. It’s a great way to start off your marriage and home ownership with an appreciating asset.