FHA Bridal Registry Savings Account for Newlyweds Cash Gift Downpayment on First Home Purchase Buyers HUD

FHA Wedding Bridal Registry Savings Account for Newlyweds Cash Gift Downpayment on First Home Purchase Buyers (HUD)

As you plan your steps from engagement to wedding to life thereafter, and look forward to beginning your new life together in a new home - don't think home rentals or apartments are your only option.  

Did you know that when you set up your Wedding Gift Registry, you can actually set up an FHA Bridal Registry Savings Account where the cash gifts you receive can be used as a down payment to purchase your first home together?

It's true! The U.S. Department of Housing and Urban Development (HUD) announced this FHA policy back in 1996 with additional details announced in 1997 and it's still available to couples today as a way to save for a down payment for their home purchase.  

   "Funds may be deposited by friends and relatives directly into the Bridal Registry Account, or given by cash or check to the couples or individuals for deposit.  This account will take the guesswork out of gift selection.  These gifts can be given with the assurance that the donors are providing the couples or individuals with an opportunity to purchase their first home.

     Bridal couples or individuals are not obligated to use the
money in the Bridal Registry Account for a downpayment on a home.  The couples or individuals control how the funds will be used, and if their plans change, they can simply withdraw the money and use it for something else.  Also, there is no requirement that the bridal couple be married prior to closing the mortgage loan."  (quote from http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_36273.txt) 
 

So don't think that you need to carry the bride over a rental threshold - if a down payment for your first home purchase is what's holding you back, the FHA Bridal Gift Registry Account could be the key to you owning your own home as newlyweds.