Best time ever! With the record low interest rates, and the lowest housing prices in decades. This is the time that people will look back at and say they should have made the move. My area is a seasonal area, making the sellers even more apt to working through an offer!
Fannie Mae has been doing this for awhile. It is geared at giving an owner occupant an advantage over the investor. Home Path mortgages don't allow for a non owner occupied home. The Home Path is a Fannie only product that allows a buyer lower down payment and less fees, such as no appraisal. Fannie is not the only one doing this. Some REO companies are calling for up to 14 days of market time before they will consider offers.
Each state has different rules about foreclosure policies. Check with an attourney and see what the process is in Georgia 1st. Many times the banks are sending out agents to offer people that are still in a foreclosed home a cash for keys option. The bank pays you to move out and broom clean the home. Offers vary from $500.00 to $2,500.00 in my area. 2nd, keep up on other bills and put together a letter for your rental application describing how the mortgage got out of control, this helps with the landlords decision.
In our area, Longville MN, we are seeing some rent to owns, the market has made the comeback for contract for deed as well. Don't let CD scare you. The large downpayments in some cases are minimal. Depends on each individual situation. Good Luck!