...assume the loan when we qualify? We are coming out of a deed in lieu of foreclosure and cannot get a home loan right now. Family members have offered to buy us a home then we assume the loan or buy from them later when our credit score gets better. The equity will be ours. I am not so sure this is a better idea than leasing to buy a home on our own. It sounds easier than it might really be. What would some potential pros & cons be?This will be done in FL.

One potential con: Finding an assumable mortgage. I can't think of any lenders that are allowing assumable mortgages. I am sure there are some out there, but not many. But you said you could buy it from them, so no big deal.

On the same note, there are very few lease to own or rent to own properties available, and owners that will carry the financing typically want to see a good credit score.

Family transactions have a way of going bad, so while everyone is in good spirits about this, get everything in writing and make it a legally binding agreement. This will avoid misunderstandings down the road and keep everyone speaking at the family reunion.

There is a 95% chance that you won't be able to assume the loan...the vast majority of loans are not assumable.

Also, it will be a minimum of 4 years before you will be able to purchase another home at A-paper rates, unless you want to go subprime at an extremely high rate of interest.

You cannot have any adverse credit between now and when you buy again or you will pay dearly on a home....even if you have to pay $25 to overnight a check to a creditor...it will be better than paying late.