Getting Married? Take Advantage of A Bridal Mortgage Registry to Buy Your New Home
August 14th, 2009 Categories: Real Estate News
Are you getting married? Are you planning to buy a new home together? If so, then you might want to take advantage of a little known option known as the bridal mortgage registry.
Authorized in 1996 by the Federal Housing Administration (FHA), the Bridal Mortgage Registry formally recognized the fact that cash for a down payment was often the result of gifts given to a young couple at the time of their marriage. The procedure is actually quite straight forward and differs very little from registering at a department or specialty store or for a honeymoon.
Couples may contact a lender or opt to go directly with a company that is set up specifically to handle a mortgage registry. Some of the ones we found online include:
- FHA Mortgage Bridal Registry
- Bridal Mortgage Registry
- Feather Our Nest Mortgage Wedding Registry
- Sun Trust Bank
Interestingly, the original FHA directive also notes that couple do not have to be married at the time the mortgage loan is signed AND that “bridal couples or individuals are not obligated to use the money in the Bridal Registry Account for a down payment on a home. The couple or individuals control how the funds will be used, and if there plans change, they can simply withdraw the money and use it for something else.”
As for the propriety of such a registry, no less an authority than Peggy Post, of Emily Post’s Wedding Etiquette, says “It is not rude to request money as a wedding gift. If you seek down payment money or would like a monetary gift, get the word out to family and friends, Post recommends. Just don’t include that information in the same envelope as a wedding invitation.
What better way to take advantage of the 2009 First Time Home Buyers Tax Credit? Or, if you’re looking for more information about buying in the Northern Virginia area, give me a call at 703.927.4554 or email me at [email protected]
Michael
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[...] of getting married at home, why not start saving for a home with a bridal mortgage registry. Yes, that’s right, you can register to have friends and loved ones contribute to a down [...]
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Hi Cordia – Glad we could be of help. I don’t know the Kmelon browser but will talk with my tech folks next week – in case you haven;t heard, we have about 3 feet of snow here!
Found your article on bing, interesting read, thanks!