My experience has been that there isn't a program like that (This is where the experienced loan officer with the miracle program jumps in with a correction to my ignorance).
My advice however is not purchase anything at all (gasp, a realtor said don't buy a house). Take the time while you are in grad school to live cheap and save a down payment. When you are out of school and have saved up money, you will be able to put a bunch of money down or even pay cash for a house to live in.
Buying a house with low income is never a good idea. What happens when the renter doesn't pay on time but you still have to send the mortgage check. What happens after a few months when they stop paying altogether and you have to evict them. There is no safety net there for you and you will be back here asking us how to do a short sale or worse what the foreclosure process looks like.
I know that the media has been all doom and gloom about real estate and that now more than ever there are a bunch of real estate gurus on infomercials telling you that now is the time to make your real estate fortune. Stop listening and know that there are deals in every market. It is simply harder to find them in a sellers market.
Your patience now will position you for a much brighter future in real estate.
To be brutally honest, it's going to be hard to obtain a loan if not impossible in this market with very loan income. You might be able do do a "stated loan" in which the broker inflates your income to get you qualified but it might cause more damage and you have to have 10-20% down. If you making 10K a year and trying to buy a property I would forget about it. Banks want to see concrete numbers on paper, I know this because I work for a major one in columbus. Either way you would probably need 20-10% as a downpayment even going through a broker. It all depends on what your income actually is vs. your debt and if you can provide enough capital to qualify for a mortgage. I don't do "stated" loans because I dont believe in them and it's the same reason most lenders have retracted from funding them. The mortgage crisis right now and all of the foreclousures have alot to do with "stated" loans. Stay away from them. Save your money, when you get out of gradschool you will hopefully be making enough revenue to purchase a home with honest proven income. Best wises.
There may be a program available to you, although Cameron gave you some good advice. Send me an email of the potential address and I will see if the property is located in an area that will qualify for the type of financing that you inquired about. My email address is Tino.Muratore@gmail.com.