My husband and I have been living in a house bought my parents bought, while we pay monthly rent. This was because we were struggling financially and had poor credit. We are now at a point where our credit is much better and are almost debt free. Our current credit scores are much improved, but are lower than they could be due to the fact that we don't have any real estate payment history. We would like to get into a larger home and better school district within 8-12 months.
So my question is...do we take out a mortgage to buy the remaining portion of the house (60 payments are left) outright from my parents? How much time would it take to positively effect our scores? Would the inquiries negatively impact our scores more? Is it worth it?