Hello Sam, sounds like you've got youself a pretty good deal. You may want to research with a good mortgage company, or your local bank (not sure if you bank at Franklin, or maybe Elmer) on a loan with a gift of equity. Since this is a family member, you could be able to do this. This will allow for you to not have to pay PMI, and actually make your mortgage even more affordable. Your recurring debt is what is going to matter, and also your income. Let me know if you need anything.

Make certain you dont end up with it considered a marital asset if you are in process of divorce.Check with your attorney. They may be also able to assist in how to take title your self. AS others indicated you should be able to get the mortgage if it appraises near what you indicate it's value.

All the family members would need to sign the release to sale the property to you, with that much equity and purchase price of the house you may not have a problem. http://www.lynn911.com

There are grants available through most counties in NJ that give up to a $10,000 grant for a first time home purchase. That information is available through the county clerk's office. You should also get in touch with the NJ Housing and Mortgage Fiance Agency (HMFA) that has many programs, and one might suit you needs. New Jersey HMFA is located in Trenton and offers mortgage assistance through out the state

Another possibility: If the children of your grandmother are willing to sell the property to you, maybe they'd be willing to offer owner financing. You'd need to talk to a lawyer on how to set it up. I'm not a lawyer, so this isn't legal advice. However...

The house may already be in a trust. A trust is a legal entity. There might be a way for the trust to establish a value of the property of $50,000 (sounds like that's already occurred), then agree to sell it to you for $x dollars a month for x months. Just like a mortgage, except you wouldn't have to get a new one. You'd just pay the trust every month. The trust would distribute the money to your grandmother's children. And after you'd finished paying off the note, you'd own the property.

If the house isn't in a trust, it's quite simple to set one up. I'm more familiar with land trusts (similar to the type most people use), and the process would work fine, there. Basically, all the owners of the house would be beneficiaries of the trust. You, living there, would be the resident beneficiary. Every month, you'd make a payment to the trustee. The trustee would distribute your payment to the other owners...your grandmother's children. Once you'd made all your payments, the other owners would relinquish their interest in the trust. You'd now own the trust (which controls the house). You could bring the house out of the trust and refinance it. Or...just leave the house in the trust. In either case, it'd be yours.

An attorney familiar with estate planning (maybe the one who handled your grandmother's estate) should be able to help.

In this scenario, you'd avoid the whole issue of trying to get new financing now with your poor credit.

Hope that helps.

Yes you should be able to get a loan for most of it, but you will most likely have to put down some cash to give the bank assurance you will have some equity in the property. Or you could have someone co-sign with you to keep the interest rate lower. Call Coldwell Banker Mortgage, 888-816-7502, and see what they can do for you. This is a wonderful opportunity for you, your family is obviously in your corner!

I'd like to help you, I have a mortgage rep that will be able to help you further. Call me with any questions. I hope we can help you. 582-0366x299