Give the Gift of a Home – 3 Ways to Fit it in your Budget

Crowdfunding the gift they really want.

This time of year we are all struggling to think of creative gifts for our loved ones.  Instead of the crazy tie or slippers, why not give them what they really want…. a home. More specifically, the down payment for your house. Being realistic, you’re not going to be writing a big fat check for 3.5% of the purchase price of a home and put it under the tree!

Currently society has wants that are pretty costly.  Whether it’s Christmas, Birthday, or a Wedding, crowdsourcing is making big purchase gifts a reality.  Here’s 3 great ways to make it happen.

Hatch My House

Hatch My House is an online gift registry that is free to use and allows anyone to give funds toward the registrant’s down payment. The size of the gift is up to the gifter, and Hatch My House can also be used for home renovations in lieu of or in addition to down payments.

Down Payment Dreams

Typical wedding registries filled with housewares are seeing competition from sites like Down Payment Dreams, created as “a unique wedding gift registry that gives couples an opportunity to collect down payment funds for a new home.” However, Down Payment Dreams does not require registrants to be engaged couples. Anyone can create a registry as long as they are willing to pay the $50 registration fee.

Feather The Nest

Feather The Nest brands itself as a place to “fund your home improvement dreams,” but this new player in the real estate crowdfunding game is also a place to build a nest egg to buy a house. Feather The Nest offers enhanced social media accessibility, with shareable pages including pictures and videos, and updates when funds are added.

If you’re planning to build a registry for a down payment, make sure you look into what your loan allows, said “Depending on the type of mortgage you apply for, there are different rules for applying gift money to the down payment,” they said. “With FHA and VA loans, all of your down payment can be from gift money, but with a conventional loan, you can only use part of the gift money if you put down less than 20%.”

If you’re looking for more information on these restrictions or how to set it up, call Helen today at 847.967.0022 or email [email protected].