Forget the toasters and champagne flutes: More engaged couples are doing a different type of wedding registry that allows them to collect cash for a down payment on a home.
About 15 percent of their registries are to raise down-payment funds for a home and another 15 percent are for home-improvement funds to pay for upgrades like a new roof or furniture.
Given that 75 percent of today's engaged couples already live together and are older, very often they are already established with the household basics that you find on a traditional registry. What they want is the gift of big-ticket items and longer term goals, like the gift of home ownership.
The FHA permits gifts from a wedding to be used as a down payment, but lenders are required to document that the funds are gifts. About 27 percent of first-time home buyers use gift money from relatives and friends for a down payment, according to a 2010 National Association of REALTORS® Profile of Home Buyers and Sellers survey.
Thank you very much for reading my blog and I look forward to working with you.
Tatyana Sturm, EXIT Realty DTC, Realtor GRI CDPE, Denver Colorado REALTOR
AURORA CO LISTING AGENT
Aurora CO Relocation specialist
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Proud Greenfield, Aurora, Colorado Resident and Realtor
Spread the word! I believe I wrote something on this a while back but didn't have a website mentioned! Great post!
Well, I guess this is a sign of the times. People are buying most gifts online now. Why not just make an auto deposit directly into their bank account. Hope they don't forget the routing number on the invite.
Tatyana - What a smart way to save and get into a home. A toaster is great to have, but a home is even better.