Planning on getting married and buying your first home together in Charlotte go hand-in-hand but how can you afford both? Well, the BallantyneBuzz has your answer to the question of how your wedding guests can help you buy a home!
There is a Bridal Registry program offered by FHA which allows you to register with a lender just like you register your china at a department store! Your family and friends can make gift payments into an interest bearing account which can be used for a down payment using an FHA loan. 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! Huh?? Well, heres the scoop:
General Guidelines to qualify for the Bridal Registry FHA program include:
- Open a savings account at your bank/lender prior to the wedding
- Give family and friends the banking information where the gifts will be deposited
- The gift funds can be used as your down payment. (FHA requires 3.5% down)
- You dont have to be married prior to closing on your home!
So, I know wedding expenses can really set you back on your plans to buy a home together; but, the FHA Bridal Registry Program can help you come up with that down payment! Deanna Valeo with New American Mortgage can assist you with setting up your FHA Bridal Registry Account or contact Lynn Johnson with Savvy + Co. to help you start the process!
Home buying in Charlotte made easy something to help out you stressed-out newlyweds while planning your wedding and buying your first home together! Can you say I Do to a great deal?
