Personally, I would not rent the place instead of exploring your options to buy. If you cannot get the financing issue handled, then you may need to find another house, but I would not give up quite yet. Many of the Zillow lenders post most Mon-Fri business hours. I would repost this question in the mortgage section Monday morn with a heading like "What do I do now? FHA refused house, can I switch to conventional?" They are smart and helpful and may be able to get you on the right track.
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