Whose name is going to be on the deed, will he be the owner with you or just him, or will he hold the mortgage and you be on the deed.

He is going hold the mortgage papers. Can he sign deed over to me so I can homestead the home.

Will the bank allow this. What are my options.

First please don't use the comments feature for follow-up, use the Answer options instead.

This will be up to the mortgage lender. Generally the property has to be in the name of the mortgage holder.

First before you have a deed put into your name you need to contact your county's tax assessor's office and ask them just what are the requirements for homestaed exemptions. For instance in Ohio you must be over 65 to get this exemption tax break. In Florida you must reside in the home for so many years regardless of how old you are. Each state is different. Call before you do anything with the deed to the home as you just might end up wasting your time only to find out that if the deed was in dad's name (for instance) he would be eligible for the homestead and you would not as you are not old enough.