Posted on: 24th Feb, 2011 05:22 pm
husband and i have bad credit, we recently graduated nursing school and now have good income, my inlaws have excellent credit but little income, as they are on social security, they have a lot of equity in their home, they are willing to purchase a cheap property less than 50,000 for us to rent from them for a couple years. We have 20 percent to put down as well. is it possible?
Hi lukeheidi,
With a bad credit it will be difficult for you to purchase the property. But you can always rent the property from your in-laws. You in-laws can apply for a mortgage in order to buy a cheap home.
With a bad credit it will be difficult for you to purchase the property. But you can always rent the property from your in-laws. You in-laws can apply for a mortgage in order to buy a cheap home.
Of course you can rent from them.
Are you renting the house they live in now or the house they will buy for $50,000?
They can buy, but, you can not be on the mortgage.
If your credit does not include open judgments, you might be able to be on title if the intent is that you will be renting the $50,000 property.
Are you renting the house they live in now or the house they will buy for $50,000?
They can buy, but, you can not be on the mortgage.
If your credit does not include open judgments, you might be able to be on title if the intent is that you will be renting the $50,000 property.
