Asked by denna_engel, Alamogordo, NM • Sat Jan 12, 2013
Weird question, I know. Here's our situation (for New Mexico):
My husband and I are moving there for his job on an Air Force Base, and we'd like to buy a house. However, if we rent a place, we can get some help with our bills. So my grandparents agreed to cosign on a loan and then make a rental contract with us. The mortgage would be paid from their account after our monthly rent payments go to them. If I am the primary on the loan, does that mean I HAVE to have my name on the house? Is there a way to do this that keeps my name off the deed, and only on the rental contract even if I am the primary on the loan? Is it possible to make a rental contract and keep my name ONLY as a renter and not an owner?
Any information is appreciated!
First time home buyers
Young Military Family (German Air Force)
Able to put down $10,000 (should be about 5-7% in that area)
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