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Homeownership Bridal Registry Accounts

After getting married, many couples move on to purchase a new home. Wouldn’t it be great if wedding guests could contribute to a couple’s down payment on their new home as a wedding gift? Actually, they can! FHA has homeownership bridal registry accounts that allow people to do exactly that!

How Homeownership Bridal Registry Accounts Work

Engaged couples should contact their mortgage lender to set up homeownership bridal registry accounts. The lender will establish the account at a financial institution that is supervised by a government agency. The information on this account would then be provided to friends and family, along with instructions on how to make gift deposits.

What Happens When It Comes Time to Buy

Once the newlywed couple is ready to buy a home, the funds in the homeownership bridal registry account can then be used towards the down payment and/or closing costs on an FHA mortgage. The funds are considered gift money, which is allowed by FHA. The lender will be asked to certify that, to the best of their knowledge, the funds deposited were from individuals who have no financial interest in the property. Additionally, a bank statement must be provided for underwriting review of the deposits made to the account.

Benefits of Homeownership Bridal Registry Accounts

Homeownership bridal registry accounts are a great way for newlyweds to get help from friends and family on the purchase of their new home together. FHA is one of the few mortgage programs that allow gifted funds to be used towards a home purchase, and a bridal registry account can make it easier to receive gifted funds from many sources without the cumbersome paperwork that would normally be required for each gift. Any authorized lender can assist with setting up an account and with obtaining an FHA mortgage. Contact me today for additional information!

 

 

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About Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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