Mortgage approval options

1 Reply

I am 19 and would like to buy a 4 plex multi family rental unit that is fully occupied. I do not have a lot of experience on the legal side and getting approved for a loan is almost impossible. My parents bought the house because they can get approved but plan to sell it to me after I am approved for a mortgage. Is there any legal loopholes to get approved that do not require me quitting my seasonal jobs that pay more to maintain a steady job for 2 years also meaning I have to wait two and a half years to purchase it from them

@Carter Logan Mast . How much is the house? What are the rents? Have you done a full rental analysis? Does your state have a transfer tax? Would you parents be interested in doing this, if you weren't? Are you sure you're still going to want to purchase this home in 2 years? You're pretty young. A lot can change in 2 years when you're 19.

Lots of questions to be asked and answered. 

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