The FHA Bridal Registry. Â Yes - you read that right! The FHA Bridal Registry Program enables wanna-be home buyers to apply their familiesâ€™ wedding gifts toward their down payments. And although itâ€™s named a â€œbridal registryâ€ program, you donâ€™t have to be a prenuptial couple to use it. You could also use this program to collect gifts for graduation, the arrival of a baby or some other major life event in which people want to give you gifts.
The FHA Bridal Registry works like a traditional registry, but is more flexible. The registrants visit their choice of FHA mortgage lenders and set up what essentially is a custodial savings account for the sole purpose of funding their down payment. The coupleâ€™s (or individualâ€™s) family and friends can either deposit funds directly into the account or give the cash or check to the couple or individual, who then deposits it into the account. The accountâ€™s flexibility also goes beyond that of traditional down payment gift rules that are applicable to FHA loans, which are detailed below in insider secret #2. With the FHA Bridal Registry Program, the only gift documentation required is â€œlender and borrower certification of the funds.â€