You really need to have an attorney review any "rent to own" schemes before signing an agreement. There are some unscrupulous people that may say they are giving you a "rent to own" when in fact the Seller owes more than the property is worth and they will simply collect higher rents from you and you have to make any and all repairs, too. Then the lender will initiate foreclosure and the Seller will then tell you it has to be sold via a short sale and if you can't qualify to get a mortgage then you've just wasted money paying above market rent prices.
If you just need downpayment assistance, the State of Florida has $15k Free money for first time home buyer right now. You'll need a 640 credit score and be able to get a mortgage but you could easily buy with zero money down.
Contact me if you would like more details.
All the best,
Future Home Realty
I always consider buying a more financially smart decision if you can find a home that is affordable and a good deal. Especially if you plan to get a job after you finish college you will be putting money towards something instead just using it to live that month. Make sure you do your research or use an agent to help you find a house that is a good deal. That way when you finish school and decide to sell you can potentially make a profit. Many students buy and then rent out to other students to cover their mortgage bills. For example if you bought a 3 bedroom home you could rent to 2 other students and then cover the payments using their rent money. I would contact student services at your new school as well and see if they have any recommended neighborhoods that students live in. Good Luck!
If you are looking at a short sale, chances are it might be in need of repairs that will not allow you to close conventionally. I specialize in the FHA 203K program and it allows you to close "AS-IS", borrow extra money for repairs OR cosmetic changes with only 3.5% down...110% loan to value. All repairs are finished after closing. Even if the AC is older, the cost of a brand new AC with a 15 year warranty is only $50 a month in the loan but could save you $200 a month in electric. Just a thought. If you would like to learn more, feel free to contact me or look through my website, it is loaded with information www.titanhl.com. There is also a loan application and list of documents needed should you want to get a pre-approved loan amount...