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Updated 5 days ago on . Most recent reply

Question on Strategy to Purchase Family Home
Hello All,
This is my first post so forgive me if I've posted this in the wrong section. I am looking for advice on the best strategy to purchase/obtain my parents current home as they are planning to move into a bigger home. Looking for advice / guidance on how best to make this deal any and all opinions / comments are welcome! Thank you in advance.
The current situation:
Parents have owned them home for 20+ years. The loan is a conventional loan with $189k remaining balance and a 2.99% interest rate. Their current monthly principal + interest is $1700 / month. The current home zestimate is $522k.
The Goal:
To either purchase or obtain the home with the existing monthly payment and/or interest rate / property tax for myself and pay out my parents their equity outside of the home loan for them to use on their new home purchase.
My situation:
Currently own 1 home with a month principal + interest of $2600 / month. Annual income of $116k
Options I have started to Explore:
1. Assume the current Home loan from my parents
1A. Unable to explore this further as their loan is a conventional loan which does not allow assumption
2. Write a new loan with a gift of equity from parents to drop home loan amount down to meet the $1700 / month with today's interest rate
2A. Exploring this option with Loan officer to explore what can be done. Looks to be a viable option so far
3. Put the home in a trust and have myself & parents under the trust to keep home loan as existing
3A. Have not explored this option yet, but plan to.