Buying Parents Home.

[Carolina E.]

Hello, I'm trying to purchase my parents townhome and am wondering if anyone could share some ideas on how to go about it. I am trying to spend the least amount out of pocket.
One idea I had in mind was getting both my parents to get me on the title, wait six months and then do a refi and a quick claim deed to remove both parents. This way I don't need a down payment. And I have a bank that said they would allow a refi.

Another idea was to purchase the home with a gift of equity from both parents and use that as a down payment. This idea though would still have me paying the higher rate and more closing cost then a refi.

I should mention that my parents are seperated, but not divorced and are willing to do whatever in order for me to get the house. The loan amount left is about 120K and the home may appraise for about 180K-200K.
Thanks in advance, Carolina