If you are on title you own the home.
You can arrange to purchase a new home as Primary by selling or leasing the current home you live in.
If your parents signed it over free and clear, then you might want to lease the home for positive cash flow.
This will also change your debt ratio in a positive way with any lender.
The kind of loan you are likely to get since you indicated your desire to be a 1st time owner is an FHA loan, but it will depend on the money you have saved for a down payment. If you sell the home you are in then equity from the sale could be used to purchase the home you want to buy.
The one thing I can tell you positively without any hesitation is that you need to be using a qualified Lender and an experienced Realtor to guide you through the process.
Should you need help I would love to be that person.
I can do the mortgage and the real estate transaction making it very easy for you.
The call is up to you.
Have a Wonderful Holiday! :-)
Ph (480) 220-7491
Fax (866- 711 8573
Keller Williams - Scottsdale, AZ
2008-2009 Master of Real Estate award recipient
ABR, GRI, ePro, CNE, MRE, AHWD
One important part of information that is missing is if you have a loan on the current property. If you do you can still claim your new residence as a primary residence, and get the better terms, but the payments of your otther home will be taken into consideration. The rules for rental income will vary depending if you have less than 50% equity on the property. There are several other rules and consideration and you should talk to a lender to discuss and explore all posible solutions and their consequences.
If you are on the title on your current home, but not on any type of loan you will be in a lot better position.
Let me know if you will need further help.
If you would like to ask more specific questions or would like the name of a good lender please feel free to contact me.