Many couples who are planning on getting married and buying a home together have started to add a Savings account to their Bridal Registry. This is a way for friends and family to contribute to the couples dream of home ownership.Bridal Registry Accounts were created by the FHA in 1996, but never really caught on. At the time, there were not many financial institutions participating in the program. Now, more banks and lending institutions are offering their own bridal registry programs. They offer registration cards and guidelines on how to handle gifts so that they meet lender guidelines for down payment.
Bridal Registry Accounts can be used for any purpose if the couple decides not to buy a home or not to use all of the funds toward their home puchase.
With more young people wanting to buy homes and housing prices rising, Down Payment Bridal Registry Accounts may be the answer for many newlyweds.
