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is this possible?

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lukeheidi Joined: 24 Feb 2011 Posts: 1 1.32 Dollars($)	Posted: Thu Feb 24, 2011 6:22 pm    Post subject: is this possible? Like 0 Dislike 0 husband and i have bad credit, we recently graduated nursing school and now have good income, my inlaws have excellent credit but little income, as they are on social security, they have a lot of equity in their home, they are willing to purchase a cheap property less than 50,000 for us to rent from them for a couple years. We have 20 percent to put down as well. is it possible?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Feb 28, 2011 12:18 am    Post subject: Like 0 Dislike 0 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. _________________ Procrastination is the enemy of your financial success
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Feb 28, 2011 9:14 am    Post subject: Rent Like 0 Dislike 0 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. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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