You can do that with no problem, but you need a good agent in your area to help you with that.

Look at this blog it will help you to learn more about mortgages.
I've got most of my answers there as well.

Good Luck.

Jajlies,

Here is what i did when i bought my grandparents home. They gave me a gift of equity. Meaning the loan was made for the amount of money my grandparents wanted (since there was no mortgage on the house). When i was ready to have a mortgage, we did the loan. I lived in the house for a year before I was ready. I didnt pay rent so to speak, but i had to keep the taxes current and pay the home owners insurance. After a year, they did a gift of equity and a seller concession. As long as you give 3.5% gift of equity, your fine. But if you have more equity to give, you can do that as well.

Or you can add him to title. Doing the gift of equity is a little easier.

Danny Castagna