As far as the lending things go, consult with a local mortgage professional. The internet is a great place to get general information but each state and sometimes locality has different rules, charges, taxes and available programs. Any lender you are talking with should have no problem providing you a good faith estimate. Compare lender costs, fees, (line 800 items) rates (based on lock period, 30, 60, 90 day etc). Anything outside the lenders area should be the same no matter who the lender is (ie taxes). Strait up is the only way to do business. Good, bad or indifferent.

Here in PA a transfer of property between relatives will avoid the 2% transfer tax. I would imagine it might be different there. There may also be first time buyer programs. Most vanilla loan programs don't price off of credit score but having a good score will qualify you for more programs. Interest only may lower your payment...temporarialy...but can get you into trouble over the long haul. Be careful.

Programs like FHA and others allow you to use a 'gift of equity' to help cover down payments and closing costs depending on how much your parents are willing to leave in the propery. This could have you needing little to nothing at the closing table.

Check the gift tax info. My understanding from locals was that anything over the 12k per year just had to be reported but wasn't taxed until they hit the lifetime cap. I'm no cpa.

Rates can vary from day to day depending on the loan program and length of lock. Fixed rates are based on mortgage backed securties that are sold on the bond market so are subject to market fluctuations. Friday was a good day based on the poor jobs number. Today...not so good...gave a little back. If your going to compare rates you almost should to be doing it the same day. With the right lender you will see that is really is a service business and less of a commodity business. A rate is only as good as the loan it's attached to and your situation.

Yes, I'm biased.