Congratulations your’e getting married¦
Planning on buying a home after you get married ¦
how about a wedding present that helps make your dream home become a reality¦.
The Bridal Registry program is an FHA initiative that gives couples a way to set up an account that allows the money you receive as shower or wedding gifts to be used towards your down payment.
Your friends and family are able to make gift payments into an interest bearing account on your behalf, helping take the guesswork out of the gift selection.
Bridal Registry Guidelines
Bridal Registry Accounts were originally introduced in 1996. FHA modified the program and offered new flexible options with the opportunity for the newlywed to set up the account at any bank.
Newlyweds are able to make deposits on their own from the gifts they receive.
Open your Bridal Registry as early as possible ¦ your Bridal Registry is earning interest while you are planning your wedding.
How to set up an FHA Bridal Registry
Open a savings account at your bank “ Make sure the account name reads Bridal Registry Account / Your Names
Let your family & friends know about your Bridal Registry Account
The gift funds can go towards the FHA required 3.5% down payment
For more information on guidelines please go to:
Once A Dream…Now A Reality!
Rockport-Fulton Chamber of Commerce – Grand Opening
Mix, Mingle, Music and Tours! Don’t miss this Tropical Celebration of our new facilities! Program @ 6:30. Mix, Mingle, Music, & Tours….
|Wednesday, August 17 5:30pm “ 7:30pm|
|Rockport – Fulton New Chamber Building! 319 Broadway|
An HOA can make it difficult to BUY a condo¦
A Condo Certificate is required by the buyer™s lender¦it assesses the financial and status of the HOA. The lender is looking for minimal risk in lending on a condo in an HOA.
What could go wrong¦.
Reasons why a condo deal can fall apart¦
There™s Not Enough Money¦
The HOA must have enough money in a reserve account to pay for repairs.
The HOA property must be insured. (some lenders require a minimum $$ of liability insurance)
One person owns many units¦.
When one person owns multiple units in the complex the lender’s concern is IF the owner defaults on HOA dues or files bankruptcy¦ can have great effect on the HOA financial stability.
Too many renters versus homeowners
Most lenders view a complex occupied by a higher ratio of homeowners as a property that is more likely to be better maintained because the homeowner will take a very active interest making sure the common areas and property are being maintained¦. a tenant is just renting the condo.
The Take Away¦
If the complex has too high a ratio of tenants to owners most lenders will not give a buyer a loan.
If one owner owns a high ratio of units most lenders will not give a buyer a loan.
If the HOA does not have financial reserves or liability insurance most lenders will not give a buyer a loan.
Sellers ¦ know your HOA ¦ask how many renters are in the complex¦ask if one owner owns a several units¦
What financial reserves does the HOA have¦do they have current liability insurance¦
The goal is to save yourself and the potential buyer from the deal falling apart.
Buyers¦.Before writing that offer check with lenders in that area to see if you can get a loan for that Condo complex ¦
Talk to a HOA representative this may give you an insight on any potential setbacks¦.
Give yourself plenty of time for a closing date in case you need to find another lender¦ your credit score and a large down payment may certainly look more favorably to a lender.