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(John) wrote in message . com...
I do not have the credit yet to get a home loan. My parents want to
buy a house for me but I would be making the mortgage payments. The
house will be under their name as the owners. They already own their
own home. Will this be considered rental income for them? Is the
interest tax deductible for them or me? I will eventually get a loan
to pay off theirs. If they sell the house to me below market value,
will I be taxed on the gain? Is there anything else that we need to
consider before proceeding? Thanks...

John

What are we talking about here? Anyone can get a loan, is it that you
can't get a preferred rate, or you don't make enough for the house you
want? What's your FICO score? Why can't you get the loan and let them
cosign? Who's going to pay the closing costs (or are you planning to
roll those in)?

This is kind of an extreme direction to take, why don't you go talk to
a mortgage broker to see what your options are. Unless you've
defaulted on a mortgage before and claimed bankruptcy it may not be as
bad as you think.