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Updated almost 4 years ago,
Selling house to family with no credit
My wife and I are selling our home that we still owe about 72k on. A family came to us and want to buy it for 100k, and want to put 50k down, and pay the rest over 3-5 years. They don't have any credit and say they want to pay this off asap. I am curious what, if any, options we have to help them out. I have been researching online but seem to keep getting conflicting information. I will add for context that most of our communication have been through the daughter, who is in high school, due to the parents not speaking English well. I was also curious is charging them interest a requirement? Can we take the difference between selling price and remaining mortgage, then put the rest of the downpayment towards the mortgage and rent them the home? or any other ideas. They are a local family and we would love to help them get a home if possible.