assumable loan or other

[mdodd002003]

Here's the situation....for the past 2 years my wife and i have been renting a home that my father owns, he has now given us the opportunity to purchase.....the problem is i don't have the cash for the down payment and/or the closing costs...my buddy said to see if the loan was assumable and my father could quitclaim me the deed,however the loan was not assumable. Do i have any other option out there? and is there anyway to make the loan assumable?

thanks in advance

 

[dee_dub]

You can't make the loan assumable without the bank's permission.

If you can't pull it off yourself, and the bank won't help, your next option is hitting up friends and family. You could see if you can work something out with your parents where they loan you the cash for the down payment out of their proceeds from the sale.