you need to visit with a mortgage broker-

Yes Joanne. I am a doctoral student that will be graduating from the Lafayette area. I have owned for 3 1/2 years. Please email me directly if you would like more information. I don't feel comfortable sharing personal information here. yelims200@aol.com

Lots of ways to purchase.

As you noted, lease-option is a good way. And, while I won't post it here, I've got a rather long posting (you can find them by searching, or looking at my past answers) on how to find lease-options. And they can be found in virtually any geographic market in almost any economic conditions.

A variation on a straight lease-option is to find a larger property than you yourself need, lease-option it, and then rent one or more rooms. Let's say, hypothetically, that a property costs $275,000 and would rent for $1,800 a month. (That's roughly what some inexpensive one-side-of-a-duplex near George Mason University in Northern Virginia go for.) Those are 3 bed/1.5 baths. You rent out a room in one for, say, $600 a month and a share of utilities. That brings your cost down to $1,200 a month for a lease-option on a $275,000 duplex. Your numbers probably will vary somewhat, but it can be quite affordable.

Another variation is to buy a property (let's say the same duplex) and put it into a land trust. Without getting bogged down in the minutia, you sell portions of the land trust to people who'd like to live there. Most often, you're collecting some up-front money, and charging at least the same as the rent would be. One interesting benefit, if it'll help the other beneficiaries (purchasers of the land trust) is that they can deduct their portion of the interest and taxes on the property. If they have enough income to benefit from a tax deduction, it makes the deal much more attractive to them.

Another possibly is an equity share. Just Google "equity share" for more information on how those can work.

There are a bunch more strategies, but those should get you started.

Good luck.

yes, if you have 2 years uninterupted work history, 5%down, low debt to income ratio, good income

There are definitely ways to purchase a home as a single grad student. Of course if you had all cash! If not lease to own is an option. You just have to find the right opportunity. Several people own second homes who do not want to be paying two mortgages and cannot afford to do so anymore, so I'd say you have more negotiating weight. Best way to find out if you qualify is to either talk to a mortgage broker or real estate agent. Never hurts to try =)

*part of the Trulian team ^^

There are plenty of lease to owns in our area here(New Orleans), I know your area is hot lately. We were impressed at the quickness of housing flying off the , so that may not be good for lease to own there. You should consult a Realtor in your area, I can help with that if needed.
If your credit is excellent, there may be ways of getting a mortgage, but it will be tough. If you can't, i would look for lease to own like you said, no renting.