Post # 1
My fiance and I have been living together for 7.5 years. Part of that was in college in dorms with roommates, and when we graduated we move in with some friends for a year. Then we moved again, to our very own itty bitty 1-bedroom apartment, then moved to a different tiny 1-bedroom apartment that was closer to our work.
The point in explaining this is to note the fact that while we’ve been living together for so long, we’ve never had a “home” together due to moving so much and being unable to afford anything more than a small 1 bedroom apartment.
Even so, we’ve managed to amass TONS of property (too much to fit in our apartment, in fact – we have a lot stored in my dad’s attic!). We have a wonderful solid wood dining set (gorgeous oak table with a leaf, six chairs, and matching china cabinet – awesome craigslist buy for $90!) and solid wood breakfast nook, we have a beautiful set of unused fine china complete with fancy silver (I inherited it when my mother passed away.. my parents received it as a gift for THEIR wedding, yet never used them!), we have all the furniture needed to furnish a home. I love to cook, so our kitchen is FULLY stocked with everything I could ever need.
So, we thought, what could we possibly register for?! We don’t need or have room for anymore stuff.. we just want to be able to get a house to call our own!
Then I found the Federal Housing Administration’s Bridal Registry program. I am SUPER excited about this! I hope that soon we can visit a bank and learn more about it (I’m still fuzzy on all the details). But it seems like a fantastic idea… not too far off from Honeymoon registries, but far more useful to us!
I plan on also opening a secondary (more traditional) registry to cover all bases for our guests, in case some of our guests are not comfortable with the idea of, basically, giving cash (even if it is meant for us to purchase a home!). I know asking for cash is against “etiquette” but I feel this is different, especially considering we do not need or have room for any more “things” in our little apartment!
Have any of you used or heard of this program?? What do you think?
Post # 3
Personally IMO, if I was a guest I wouldn’t gift through the FHA program. In my mind, if you can’t save up a little bit for a down payment then you probably can’t afford a house. FHA is usually only 3% down. I’d rather buy a gravy boat or give cash. If I give you cash and you use it to save for a house, good. If you’ve only been able to afford tiny 1 bedrooms, how are you going to pay for a house?
ETA: I’m trying to get at just because someone has a dp, doesn’t mean they should buy and I’d prefer for them not to lose the money I gifted through a program like this. If that makes it any clearer.
Post # 4
@MissNumbers: Contrary to what you might think, paying a mortgage would save us money. Monthly, it will probably cost us a bit more, but the money would be going toward an actual property that would be OURS, as opposed to throwing it away on renting a place we’ll never own.
We have friends paying a mortgage on a 3 bedroom, 2 bathroom house who are paying LESS per month than what we pay each month in Rent for our one-bedroom apartment. I don’t know where you live, but it is expensive it rent in New Jersey.
One had inherited money through a death in her family, used it for a down deposit (I think they managed to put down close to 7% for the deposit on their home) and are saving money because their mortgage bill each month is less than they had been paying in rent.
Similarly, my fiance and I had looked into the possibility of buying a home, and the realtor who we spoke to did the math for us and found that if we put down the deposit (I believe it was 3.5% that she used to calculate) on a $200k home, our mortgage bill + property taxes would be just a tiny bit more (less than $100) than what we currently pay in Rent.
We can easily afford paying a few hundred dollars more per month, but we chose to rent the absolute cheapest place we could find so we could put the extra money toward the wedding and a down deposit.
Post # 5
Don’t forget to calculate property taxes homeowners insurance and maintenance in your estimates of how much it would be. The actual house payment might be less but upkeep will make it more. Also, have you met with a bank to see if you’re approved? And for what amount?