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[–]bsievers 2 points3 points  (0 children)

Before you start looking into getting your own mortgage and doing a whole new 'purchase', there's already a built in system to handle transfers like this. The term you're looking for is 'assumable mortgage'. Call up whatever bank owns the house (or better, go in person with your parents) and ask them if this is an 'assumable mortgage'. You'll still have to make enough to qualify for the value you'll owe, but no one here would advise you buying it if you don't anyways.

here's the bankrate link explaining assumable mortgages

and here's investopia's.