Home Downpayments from Wedding Registries

Approximately 27% of first time homebuyers 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.

Given that 75 percent of today’s engaged couples already live together and are older, very often they are already established with the necessary household basics you would find on a normal registry, so why not a gift of a larger item such as a gift of homeownership?

According to Dana Ostomel, founder of Deposit a Gift in New York City,  about 15% of their registries are to raise down payment funds for a home and another 15% are for home improvement.

FHA permits gifts of money from a wedding to be used as down payment as long as it is properly documented.  So forget the small appliance and dinnerware, go for that  long term goal of home ownership.

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