The FHA has a non-occupant co-borrow program available for college students. This can be a great way to help your college age child have safe affordable housing while they are at college.
The only other way for a parent to purchase a home for their college student (instead of throwing away money on rent) is with a conventional mortgage (20% down payment)
The purchased property must be a single unit dwelling (no duplex) but student can certainly have a roommate to help with the expenses. Student must be 18 years of age and have SOME type of credit history (both parents and students will undergo a credit check)
This helps the student build a strong credit history and parents can enjoy tax benefits! For more information contact your lender.
If your child is going to school in Anchorage or Fairbanks let me know, I can refer you to an agent who is familiar with this program and help you find something that fits your budget.