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