register for down payment on a house

freg06 · January 2013

I was reading in The Knot - Missouri & Kansas City magaizine about gift registery. The article breifly mentioned gift registeries for a down payment on for a house. I was wondering if anyone knew more about this.
Thanks

ohwhynot85 · January 2013

Put down the magazine and STEP AWAY! Horrible idea.

TKzilla · January 2013

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_registering-gifts_register-for-down-payment-on-a-house?plckFindPostKey=Cat:Wedding%20BoardsForum:34Discussion:a7a40790-7ddf-482c-bb58-d3eb6b5a76cbPost:1e68dc35-9926-451c-b211-6ac8140441c2">register for down payment on a house</a>:
[QUOTE]I was reading in The Knot - Missouri & Kansas City magaizine about gift registery. The article breifly mentioned gift registeries for a down payment on for a house. I was wondering if anyone knew more about this. Thanks
Posted by freg06[/QUOTE]

<div>Run. Run now as fast as you can and don't look back.</div>

Simply Fated · January 2013

If you need cash, don't worry. You aren't alone. Everyone could use cash. If people want to give you cash, they will. And you can spread it around through word of mouth that you and Fi are saving up for a new home. Then, what ever cash you get from your guests, can go towards your downpayment. It's better that way because it cuts out the middleman... as in these websites that offer a downpayment registry takes a cut of the cash. Some charge the guests, some charge you.

http://www.downpaymentdreams.com/
Charges a $50 registration fee.
It uses PayPal, which charges transactions fees

http://www.hatchmyhouse.com
Takes 5.9% of every gift.
Also uses PayPal

If you take matters into your own hands and just spread it around that you're looking to save up, you do't have to pay any of these fees and any cash you get for your home is all yours!

daveANDkristen · January 2013

Asking for cash is rude, no matter what form (down-payment, honeymoon, cash registry, etc.). Just create a small registry for those that would like to buy you a physical gift. Then, your mom, bridesmaids, etc. can let anyone know who asks that freg and FI are registered at xyz, and are also saving for a downpayment.

GoodLuckBear14 · January 2013

No. Just NO. Ignore anything about "non-traditional" registries. They are all nothing but "God I hope nobody can see through this" ways to ask for cash which is incredibly rude and will likely offend most of your guests.

AdeleDazeem · January 2013

All I know is that it's tacky as hell.

Buy your own house.

B2Z728 · January 2013

If you do not create a registry or only create a very small one, you give a strong hint that cash would be appreciated. You should also not have a bridal shower if you go this route.

In my area of the country, cash is the standard wedding gift, and physical gifts are given at the bridal shower. Even with a fairly large registry, 99% of it was purchased and given to me at our shower. At our wedding we received primarily cash/checks.

amymaysa · January 2013

Rude, tacky and all of the above

s-aries8990 · January 2013

My go-to combo is a physical gift for showers and cash/check (or cg if there are still many registry items) at the wedding.

Just don't register and tell everyone who asks you what you want that you are just saving up for a house.

hoffse · January 2013

You do what everybody else does: pay for it yourself. You can use checks received at the wedding, but do not "register" for this. If I can pay for my downpayment, you can pay for yours.

HobokensFury · January 2013

No, just no.

misshart00 · January 2013

Other than the tackiness of "registering" for a house, here is why I hate registries like this: for me, spending say $150 on a present is a lot. You would have to be a super close friend for me to spend that, but that's beside the point. For that amount, I can buy you a really nice gift from a traditional registry, but if I only put $150 toward your house, it's not a lot at all. My gift would not be appreciated as much because of the ratio. Also, it would pressure friends and family to give more since they would feel the same way.

JaxInBlue · January 2013

Agree with previous posters. Please don't do this.

As an aside, when DH and I bought our house after we got married, our mortgage broker got really nervous when we told him we had gotten married "recently" - we were six months post wedding and we were not first time buyers. He was concerned that if we were using a larger cash infusion (aka wedding gifts) as part of our financing, our loan would be harder to get. If I interepreted what he was saying correctly, some of the new lending policies (rules? laws?) take a harsher look at inconsistent income - like financial gifts - since those sources aren't guaranteed to be able to help you pay your monthly mortgage in the long term. It's something to consider as you save up.

JoanE2012 · January 2013

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_registering-gifts_register-for-down-payment-on-a-house?plckFindPostKey=Cat:Wedding%20BoardsForum:34Discussion:a7a40790-7ddf-482c-bb58-d3eb6b5a76cbPost:1e68dc35-9926-451c-b211-6ac8140441c2">register for down payment on a house</a>:
[QUOTE]I was reading in The Knot - Missouri & Kansas City magaizine about gift registery. The article breifly mentioned gift registeries for a down payment on for a house. I was wondering if anyone knew more about this. Thanks
Posted by freg06[/QUOTE]<div>
</div><div>Don't ask other people to fund your downpayment for a house. If I saw this, I'd probably just buy you a nice frame or vase. Which you probably don't need. Point is, have a physical registry of things you need or want. And please don't say you are established and don't need anything.

</div>

B2Z728 · January 2013

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_registering-gifts_register-for-down-payment-on-a-house?plckFindPostKey=Cat:Wedding%20BoardsForum:34Discussion:a7a40790-7ddf-482c-bb58-d3eb6b5a76cbPost:4acba999-723f-407b-a8bb-a4930a7bb80a">Re:register for down payment on a house</a>:
[QUOTE]In Response to Re:register for down payment on a house: In Kansas City, this is not the norm. Here physical boxed gifts are typical for both showers, and the wedding.
Posted by Sleeper2013[/QUOTE]

<div>Thank you for pointing that out, as I know it can be a regional thing. I should have clarified more that you should know your region's typical wedding gift standards if you choose the no registry route. Regardless, do not "register" for a "down payment fund" or any type of cash registry. </div><div>
</div><div>I also agree with the PP who mentioned buying a house after being recently married. The mortgage company will heavily scrutinize large sums of money in your account and will want to know where and what it's from. Just be aware of this. You should still be able to get your mortgage, but you will have to explain everything clearly. Paper work and dealing with mortgage companies for buying your home is quite a process. </div>

Summer2011Bride · January 2013

Don't do it. Buy your own house.

libby2483 · January 2013

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_registering-gifts_register-for-down-payment-on-a-house?plckFindPostKey=Cat:Wedding%20BoardsForum:34Discussion:a7a40790-7ddf-482c-bb58-d3eb6b5a76cbPost:c143f7f0-f987-4cf1-96f9-78d8981f4780">Re: register for down payment on a house</a>:
[QUOTE]Agree with previous posters. Please don't do this. As an aside, when DH and I bought our house after we got married, our mortgage broker got really nervous when we told him we had gotten married "recently" - we were six months post wedding and we were not first time buyers. He was concerned that if we were using a larger cash infusion (aka wedding gifts) as part of our financing, our loan would be harder to get. If I interepreted what he was saying correctly, some of the new lending policies (rules? laws?) take a harsher look at inconsistent income - like financial gifts - since those sources aren't guaranteed to be able to help you pay your monthly mortgage in the long term. It's something to consider as you save up.
Posted by JaclyneD[/QUOTE]

<div>This. We just bought a house, and we had to submit a few months of bank statements. Our lender told us that one thing that banks look for as a red flag is a large cash infusion. They want to make sure you have stable finances and can truly afford it, and you are not just relying on someone giving you the money for the down payment.</div>

Jen4948 · January 2013

Don't do this. It's up to you and your FI to finance your house-not to expect your guests to as a "gift" to you.

bridalmarch · February 2013

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_registering-gifts_register-for-down-payment-on-a-house?plckFindPostKey=Cat:Wedding%20BoardsForum:34Discussion:a7a40790-7ddf-482c-bb58-d3eb6b5a76cbPost:2db67b13-76ee-4d70-a891-95007385f7a7">Re: register for down payment on a house</a>:
[QUOTE]In Response to Re: register for down payment on a house : This. We just bought a house, and we had to submit a few months of bank statements. Our lender told us that one thing that banks look for as a red flag is a large cash infusion. They want to make sure you have stable finances and can truly afford it, and you are not just relying on someone giving you the money for the down payment.
Posted by libby2483[/QUOTE]

<div>This is so not related to this, but this is really good info. There may be an opportunity in FI's future that will send us abroad for a year or so with our housing paid for. We were planning to use that time to get a down payment together. It looks like we might need to start taking a bit of each paycheck and saving now. </div><div>
</div><div>As to the OP, don't register for money. </div>

sparkles776 · February 2013

Seriously, if I saw this, I would give you a physical gift.

register for down payment on a house

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