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Who knew that there would be anything like a bridal registry that has a new house on it? Well, believe it or not, there is. In fact, it does not boil down to only newly married couples who can enjoy monetary gifts by friends, family and other associates – rather it can go as far as anyone graduating, expanding their family or going through another major life transition that entails buying a home for the first time ever. The most obvious application would be, of course, through a bridal registry so that is what we will talk about most in this article.
FORGET THE MARTINI MIXER, GO FOR A MORTGAGE PAYMENT
Yes, we all have those obscure wedding gifts that end up in the deep recesses of shelves that see more dust than a human hand – but it doesn’t have to be that way. If a couple registers with a bank, setting up an account specifically for the purpose of allowing their loved ones to sock away some cash toward their down payment, they can end up with one very seriously perfect wedding gift altogether. After all, what good is a Lennox crystal bowl display set if you don’t have the space to display it in?
NOT EVERYONE CAN GIVE THIS GIFT THAT LITERALLY KEEPS ON GIVING
Here’s the thing though – not everyone can contribute to this fund. Unless the person gifting cash toward the aspiring homeowners’ down payment is a family member, close friend, an employer or even a labor union – it can’t be legitimately done. There is a complete rundown on this here on the official HUD (Housing and Urban Development) website. The government has clearly indicated that anyone who has an interest in the sale of the property is not eligible to make a contribution toward another’s down payment. This includes people and/or groups such as builders, real estate agents, investors or sellers.
HOW TO GET STARTED SO YOU CAN START PLANNING YOUR NEW LIFE
Setting up a gift registry to accommodate cash gifts toward your new home is fairly simple. First, contact your lender to let them know of your intentions. This will not only keep them in the loop of your plans from the start but it will also allow them to communicate any specific requirements or let you know of any details their lending policy dictates for such a provision. Next, set up a savings account at your bank and assign a name to it so it is easy for your loved ones to identify the account and so that it remains transparent for mortgage officials to see. This benefit is available to anyone who chooses to finance through an FHA mortgage loan and is not limited to just newly married or about-to-be married couples. Individuals who may be in the market for a first-time new home for other reasons ranging from getting a new job in a new city to transitioning from graduate school can take advantage of this benefit. In fact, any first-time homebuyer obtaining FHA financing is eligible.
A few decades ago, before the age of gift registries, no one would have dreamed of asking (albeit subtly) for others to help pay for their new home. But now, even etiquette gurus like Anna Post (great-great-great-granddaughter of Emily Post) have deemed the practice not only acceptable but also practical. So, go ahead and invite a LOT of people to that wedding of yours and move in to a gorgeous new home to start of your long and happy life!
