Newsflash: How do we buy our house? [PA]

Hi there – I’d like to pick your collective and very knowledgeable brains about the situation my wife and I find ourselves in.We are both 30, living in Pittsburgh, Pennsylvania. We have been living in a house owned by my parents for about three years, paying “rent” to my folks (which is essentially just the mortgage + utilities) and keeping the property up. We would like to buy it, but there is an outstanding mortgage on the property. This also would be our first home purchase.The mortgage has approximately $90,000 remaining. The home is worth approximately $230,000. Is there any way we can just transfer the mortgage from my parents’ name to ours or do we need to do a proper, 20% down, apply for a mortgage purchase?Between the two of us we have about $50,000 in cash, credit scores are both in the 730s, she is steadily employed in a very stable field and I’m a freelancer with sporadic but high-paying work. We both make enough to make a mortgage payment on our own each month, and I think that’s what we would prefer to do rather than dumping five figures worth of cash on a down payment for an already (relatively) cheap mortgage.What are our options? Is this totally stupid?Thanks for any help!



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