Saving for a down payment on your dream home can be difficult. Some couples today are breaking away from traditional wedding gift registries and are simply asking for money. By asking for money instead of china or linens, your friends and loved ones can help you get closer to owning your dream home – which is the best gift they can give you. If you are ready to begin the journey to home ownership, you can begin by filling out our free rate quote!
Is it okay to ask for money?
You may think it is rude to ask for money as a wedding gift, but it doesn’t have to be. However, it is extremely important for you to ask politely. If you seek to receive money for a down payment as a wedding gift, the best way to get the word out is through family and friends, not in your initial wedding invitation.
If someone asks you directly what you would like, indicate anything would be wonderful, but money for a down payment on a house would be really helpful and is at the top of our wish list! People will be more willing to give if you tell them directly what it is for, rather than leaving it up to their imagination. Now that how to ask for gift money is out of the way, that brings up how this money can be used as a down payment.
How can this money can be used as a down payment?
Generally, you are expected to be able to make a down payment from your savings, excluding gifts. Some mortgage programs allow you to use gift money if you haven’t been able to save for the down payment. The Federal Housing Administration, FHA, allows you to use money from gifts to make a down payment, but with these programs, you can only accept money from family members.
You need to be very organized and document where this money came from in order to use this gift money. You should encourage gift-givers to give checks from their personal accounts. Don’t forget to write those thank-you notes too!
Don’t forget to fill out your free rate quote if you are ready to purchase your dream home with your new significant other.
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