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Don't know what to do now...

My DH, my toddler, and I have been living with my parents since DS was born. I was finishing college, and DH was working up in his job to get more money, while helping my parents renovate their home so they could sell it and downsize. We have been planning on buying our own home this spring, and were told last fall that we would qualify for a loan. Well, now that we are ready to move and the renovations are done, we just found out that they raised the credit limits on loans to the point where we don't qualify anymore. And my parents are ready to sell, and the whole reason we were going to buy is that our mortgage payments were going to be less than rent payments, which we cannot afford. Now I don't know WHAT to do. We need to get out of my parents' house so they can show it and sell, but we can't afford rent. I don't want government assistance! Any advice?

Answer Question
 
Anonymous

Asked by Anonymous at 11:50 PM on Mar. 1, 2010 in Just for Fun

Answers (5)
  • why dont you talk to your parents about buying their house?
    mrsjosey1018200

    Answer by mrsjosey1018200 at 11:58 PM on Mar. 1, 2010

  • OP - Because we would still need a loan for that, because we can't afford to pay what their home is worth, because we were planning on moving out of state, and a myriad of other reasons...
    Anonymous

    Answer by Anonymous at 12:00 AM on Mar. 2, 2010

  • No you wouldn't if you buy it from your family they can just charge you a rent so to speak til you can get the loan you need.
    Anonymous

    Answer by Anonymous at 2:50 AM on Mar. 2, 2010

  • OP - Yes, but that would screw my parents over - they need the money from selling the house so THEY can get a new loan to buy a new house.
    Anonymous

    Answer by Anonymous at 4:27 PM on Mar. 2, 2010

  • Since your parents are downsizing, why dont you see about buying the house for them in exchange for the house you are living in now? Because I can only assume that a smaller house will cost less money.
    mrsjosey1018200

    Answer by mrsjosey1018200 at 4:32 PM on Mar. 3, 2010

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