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Jun 24

Say “I Do” to FHA Bridal Registry Account

The rules for tracing the source of down payment money on an FHA loan are REALLY specific.  What we call "sourcing funds" causes problems all the time.

There is a little-known loophole for newly married couples called the "Bridal Registry Account." 

Here’s how it works—3 simple steps:

  • Couple opens a savings account prior to the wedding
  • Gifts are deposited 
  • All of the 3.5% down payment can come from these gift funds

No gift letters.  No paper trails.  Just a simple savings account labeled “bridal registry account” and the borrowers are on their way to having the wedding present of their dreams.