Need a down payment? Start a registry

Are you registering for wedding gifts and are stumped as to what else you and your soon-to-be-spouse need? What about a down payment for a new home?

Instead of collecting toasters, and cash that you're likely to spend on the honeymoon or on unnecessary items, you can specify that money be put into an account that will be used towards buying a home.

Several web sites also allow you to set up down payment registries, including http://www.downpaymentdreams.com/, http://www.hatchmyhouse.com/ and http://www.mydreamhomeregistry.com/index.aspx.

If you already own a house, some of the registries also allow you to collect money towards a remodel.

For tax reasons, records of who gave money and how much might be kept.

Before setting up a registry, all sites should be verified to make sure they are legit and to find out all details involved with the registry.

Having money for a down payment can help new couples qualify for a mortgage. It will also help ease the burden of needing to save for an entire down payment.


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