The best option is to do a gift of equity purchase.
Here's how it works. Let's say the home is worth $250,000. Your parents only owe $210,000 so that means they have $40,000 in equity. They can sell the house to you for $250,000 but gift you the $40,000 equity which is treated the same way as doing a $40,000 cash down payment.
Your parents can also pay your closing costs through seller concessions so your only out of pocket expense would be for your appraisal & home inspection.
Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
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