Today, wedding registries are changing to include creative gift ideas, like a mobile home fund. Some people who are about to get married have lived on their own in rented apartments or homes and have already gathered essential household things. So, rather than asking their wedding guest for things they don’t need – more couples are deciding to ask for nontraditional gifts – like a fund for a down payment on a mobile home.
Let’s take a look at whether chattel lenders allow gifted down payments and how to set up a down payment fund on your wedding registry.
Do Chattel Lenders Allow Down Payment Gifts?
Yes! Pretty much all chattel lenders will allow you to use gift funds for your down payment. This is good because unfortunately – down payment and closing costs assistance programs currently can’t be used to obtain a chattel mortgage. So – if you have family and friends who are willing to gift you funds towards your down payment or even closing costs – it will help you secure your dream mobile home.
Is It Ok to Ask for Money on a Wedding Registry?
Once a upon a time it might have been taboo – but in the age of GoFundMe and the like – it’s acceptable to ask your guests for cash for the practical purpose of buying a new home. It’s important though to make sure you create a wedding website or online registry that presents all of your information, makes the payment process as simple as possible and explains your situation so that guests understand.
How to Set up A Mobile Home Down Payment Fund on Your Registry
There’s a good amount of wedding sites and registries available to couples – here’s a list of a few:
The Knot
The Knot helps couples make a free wedding website with all the important details for their guests. On your website, you can create a list of gifts you’d like and combine lists from other websites. This includes the option to have different money collections, like one for buying your first mobile home.
With The Knot, you can write a message to your guests which can be helpful for couples who might not feel very sure or comfortable asking for money.
Zola
Just like The Knot – Zola allows you to create a free wedding website, combine lists with other registries, and create a cash fund.
Same as with The Knot – you can write a message to your guests explaining your need for the fund.
Joy
Joy is another option – they market themselves as having zero fees for their cash fund option. Joy allows to you add physical gifts and cash funds for a variety of needs and experiences.
How to Explain Your Down Payment Fund to Guests
When explaining to your friends and family about why you’re asking for funds for a down payment instead of having a “regular” registry – be honest and let them know why this fund will be more helpful and useful to you as a couple.
You can say things like:
- “Just being with us on our wedding day is enough, but if you want to help with our future home, feel free to give to our down payment fund.”
- “Instead of a regular wedding registry, we made a house fund to buy our first home together. If you’d like to give us a gift, you can contribute to our down payment fund.”
- “We’ve got all the things we need for our future home. The only thing missing is the home itself! If you’ve been wondering, we’re asking for help with our future home instead of traditional wedding gifts.”
Say it in a way that feels true to you, your personality, and your story. Everyone is different, and some people might find it easy to use an online cash fund registry, while others might feel unsure or worry about what others might think. Some people might not want to make a payment online.
Make sure to tell your friends and family that they don’t have to give a gift, and your request is for those who want to help. Money can be an awkward topic, but guests like knowing where their contributions are going.
Being honest and truly grateful is important when dealing with money gifts as graciously as possible.
Reach Out To Midwest Mobile Home Loans When You’re Ready
Once you have those down payment funds secured – reach out to us here at Midwest Mobile Home Loans and apply for prequalification. It’s the first step in the home buying process and shows agents, sellers and parks that you’re serious and have the means to purchase your dream mobile home.
