Alternative way to purchase home?

[Harmony0800]

What is the name of your state? Michigan

My question is about change of title to a home. My husband and I are buying my parents house and I recently heard about a title change where my parents would add our names to the title, and then my husband and I would turn around and refinance the house in our names which would in turn take my parents off or any title/mortgage that currently existed. My question is if my husband and I have bad credit, would this be an avenue to explore? Also, does anyone have any advice, (good or bad), about going this route, or is it just better to try to stick to a conventional mortgage. They are giving us all the equity in the home ($15,000) to help us out. I wasn’t sure if that would make a difference. Thanks in advance for any advice!

[HomeGuru]

Originally Posted by Harmony0800

What is the name of your state? Michigan

My question is about change of title to a home. My husband and I are buying my parents house and I recently heard about a title change where my parents would add our names to the title, and then my husband and I would turn around and refinance the house in our names which would in turn take my parents off or any title/mortgage that currently existed. My question is if my husband and I have bad credit, would this be an avenue to explore?

**A: no

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Also, does anyone have any advice, (good or bad), about going this route, or is it just better to try to stick to a conventional mortgage. They are giving us all the equity in the home ($15,000) to help us out. I wasn’t sure if that would make a difference. Thanks in advance for any advice!

**A: do an installment contract.