A couple of good answers here....the FHA loans are definately an option for you and the down payment can be a gift from a relative. The other thing is that often lease listings will state that the owners are willing to sell as well, so you could approach them with a first right of refusal thing. And perhaps if you do go forward with a sale, they can credit you some portion of rent for the down payment.
Because it's a complicated deal, why don't you talk with a realtor that you feel comfortable and start putting the pieces together?
If you decide to go this route in the future, make certain you do so with a seasoned agent who is experienced in Options.
Just to name a few factors: you complete a Lease and a Purchase agreement in the beginning; therefore you complete all inspections, etc. as if you were exercising the option. Also, for your protection you will want it recorded, etc.
There are equity owners who will entertain Lease Options (abbreviated for Lease with Option to Purchase).
Typically they want more down than 10% to cover commissions, closing, etc.
I would suggest you wait until you have enough down.
There are always good buys and you will witness quite a few in the next two years.
Disclaimer: The above is just a professional opinion.
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