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Ianna,

Given your parents have decent funds, talk to them about borrowing the money and paying them the interest. $30,000 at 5% interest, interest only payments might be attractive to them, depending on what their money is making. Since you have POA I would make sure to write it up, though. That's how I bought my first house, going right to Dad with the papers for his consideration. The paperwork, something simple typed up, impressed him with my seriousness. When it is paid, have them sign "paid" with the date, and give you back the papers.

Try getting the loan from the seller first though. It's better to make him carry the risk than your parents. Realize that even the best intentions to repay can be torpedoed by the unexpected. The low cost of the house has me concerned. What is the average sales price in that area? If there was a good economy there, prices would probably be higher. How confident are you of employment potential???

Your situation sounds as though it requires thinking outside the box. Even if you had income and stellar credit a small loan like this would be at a higher rate and lending institutions don't want to be bothered with it.

Border Collie is almost impossible without a yard. What an active creature!

IP
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