Can my 80 year old father, buy a house for me and only have my name on the title not the loan?

We have already lost one opportunity at a great deal due to the fact that i didn't ask him. We(husband and I) wont be able to get a mortgage in our own name until November of this year 2011 due to credit situation which we are almost finished with. My dad is willing to get a mortgage loan and put my name on the title/deed just not the loan and then November or after we will get an FHA loan and purchase it from him. Does anyone have any advise as to weather or not this will work??