What to buy for a wedding gift?
By: Barbara Lipkin
That question is all too frequent. Instead of a toaster, why not help the couple buy a home? The FHA has a FHA Bridal Registry Account.
The Bridal Registry Account allows couples who are getting married to open up a bridal registry savings account with participating Federal Housing Administration approved banks nationwide. Family and friends can then deposit their cash wedding gifts directly into the interest-bearing account. FHA requires that all funds be documented as to their source to protect against fraud. If done correctly, the couple only gets notified that deposits have been made into their account. While they know who gave, they do not know the amounts.
It a great way for young couples to save for their first home together.
Over 30 mortgage companies nationwide participate in the initiative. Participating mortgage companies set up an interest bearing account and provide information on how the account works to friends and family of the couple.
You can obtain more information about this program by calling 1-800-CALL-FHA (225-5342)
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
