No, that won't work. You need to put 20% for most conventional mortgages and the real issue is the appraisal. A home priced at $220,000 will not appraise for $100,000 more. Also, there are mortgages available with less than 20% down. I am an Ocean PInes agent, so let me know if I can assist you. You may want to talk to a local lender for more options.