Summer is a popular time for weddings. So here’s the dilemma: Do you use your saved up funds to purchase a Boston Back Bay condo, or splurge on a fancy Back Bay wedding? I’m here to tell you can conceivably do both.
FHA has a Bridal Registry program where the money you receive as a wedding present can be used towards your down payment for a condo. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Then your friends and family are able to make gift payments into an interest bearing account on your behalf.
I can’t believe this, but it’s true. Your wedding gifts can be used as a down payment towards an FHA Loan.
Here’s how it works in a few simple steps:
- 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. me, a Boston real estate broker)
- 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!
I’m curious to hear what your thoughts are on this one.
