Before you jump down my back... here's the situation. I begin work in September, but am moving to Chicago in May. I already have a position come September, with a set salary which will be more than enough to qualify me for the loan. But the lender won't allow a closing until I have my first paycheck. My parents have strong financials, and could possibly co-sign a loan. I realize they would be liable for the debt, but what other rights or obligations would this lead to? Would they simply be able to deed the property over to us? I'm not very familiar with these arrangements, so any further info would be helpful.

Also, sometimes my questions turn into a conversation as to whether I should rent or own. I've already been down that road, and am deciding to buy. The option would be ths type of arrangement, or a land contract with a delayed closing. Just wanted to stop this thread from going on a tangeant... :)