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As a matter of fact, this was indeed the other option that was brought up. The only concerns I have with it are:
1. coming up with enough down payment to avoid PMI
2. bank approving the loan (I'm not sure I could get a loan approved for that amount)

You only need a traditional mortgage loan for $60,000 and wouldn't have PMI if the house appraised for $170,000. Your parents can then gift the balance of the purchase price in $22,000 increments for the next 5 1/2 years.
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