Can my in-laws purchase a home for us now and then sell it to us in 8 mos. when we are ready to purchase a home?

They would have to purchase it as an investment home, and then RENT it to you... once your able to purchase the home on your own, you can do so, but you will be subject to "Non-Arms Length" transaction guidelines.. When your in-laws purchase this home as an investment, they will need to put 20% down.. When you go to purchase the home, because of the short sale, you will need to put 20% down... you will not be able to "Take over the home entirely".. You will have to qualify for a mortgage, have sufficient credit scores, income, job time etc... if you didn't have the short sale, you in-laws could gift you the equity, you would need 1% of your own money, but you could purchase the home.. But because there's the short sale, you need to put 20% down.. And gifted equity is not allowable.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

they can purchase as a investment home, who be the safest, with a short sale, some times it can be up to 3 yrs to purchase, depends, are either one of you vets?? how is your credit , your income ?? linda my email is yourloanparnterforlife@LIVE.COM

Pretty tough to get a new mortgage less than 3 years after a short sale, and the date generally is counted starting the month it reports on your credit. So, your inlaws should expect it will be closer to 2 years before you could refinance it into your name - and of course there is no way to know what interest rates might be at that time. But, yes, they can purchase it for you to life in. Depending on whether they will be staying with you when they visit, the property might be considered either an ivestment property (requiring 20% downpayment) or a 2nd home (normally 10% down). The good news is that when they sell it to you if the property has increased in value it is possible they will be able to make a "gift of equity" to help you with your downpayment. Please let me know if I can help.

Sure... They can buy it as an investment property (20% down), and then sell it to you whenever you are ready...

As all the others have said they can buy it as an investment OR if the situation is right they could also but it as a 2nd home which requires less money down. The question then becomes on how you want purchase it later. If you go FHA then they could do the gifted equity but don't go on title or you won't be able to do it this, OR go on title and then refinance it into your name later. Another option for them to purchase one, even as an Investment is to purchase a homepath home at 90% with NO MI. GO to Fannie Mae's website and you can look up the homes that are available in your area.

Purchase as an investment then rent it to you until you qualify to purchase on your own.

If they purchase the home as an investment property they will be able to "rent out" the property to you and use your monthly rental payment as the mortgage payment - this would require a 20 percent down payment. If they have the option to purchase it as a second home, they can purchase the home with only 10 percent down, which may be the better option, because the equity that is built in the home can be gifted to you when you purchase the property and go towards your down payment.

please go to www.homepath.com and type in the address to see if it qualifies, then the investment would be at 10% down ,and fannie mae ususally pays the closing costs.. linda yourloanpartnerforlife@live.com

If you in-laws purchase it as an investment property and you move in and pay the mortgage and you and them are okay with the structure, why buy it later? You will only incur more closing costs and you may not get a better rate later when you decide to purchase. By the way, when you short sell a home, with the new guidelines, you will have to wait 36 months before you can purchase again. Anyway, I would suggest have them buy the property, move it into a family trust ( talk to a estate attorney for this) and have you or your in-laws as trustee and whomever you want as beneficiary. The home can stay as an investment for the in-laws and you and you spouse can live in the home. In other words, I wouldn't get too hung up on trying to purchase it later once your in-laws purchase the home. p.s. if you anticipate living there for the next three years, just transfer title of the home into your name and when you are ready to get financing, you can just refinance based on the equity in the home as opposed to purchasing and having to have another down payment. p.p.s. I am just making suggestions, I am not an attorney nor do I know your specific situation with the laws in your state. I suggest speak to a real estate attorney in your area. best of luck!!

I am a broker in the State of New Mexico. Actually, this scenario would be considered a straw buyer scheme. A straw buyer scheme is when a person (friend, family member or stranger) purchases a home for another person (who does not qualify) and has no intention of ever living in or making payments on the home. In nice terms, it could be called occupancy misrepresentation, but in reality, it is considered mortgage fraud, which is a federal offense with stiff penalties. I would recommend that you wait until you are able to qualify to purchase a home on your own. For more information, you may want to do a Google search on "straw buyer" or "straw buyer scheme." If I can be of further assistance, please don't hesitate to contact me at 866-323-0724.