Asked by Taphabit, Santa Rosa, CA • Sun May 6, 2012
I am 31, self employed making 35k yr. My credit score is around 600 (not the best, but no outstanding credit debt or loans). I have a young IRA account that has around 30k. The problem is I have been unable to get a loan since my employment is new (1yr) and my poor credit score. MY parents are retired but have done rather well, have excellent credit and have quite a bit of financial security. MY dad refuses to take the loan out in HIS name, but really wants to help me buy my first house.
We've discussed him purchasing the home and renting it to me, although he doesnt want to do that for various reasons.
Would he be able to buy the house and then gift it to me? and have me pay him back later on in life.
any advice on this situation would be greatly appreciated, it's a great time to buy in sonoma county.
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