There is no S corporation rule or regulation that prevents you from buying a home through your business. In fact, an S corporation is one of the types of business structures that are often considered for a company that focuses on real estate investment. If you're looking to set up a new business, an S corporation structure may or may not make more sense, depending on your goals. FHA loans require a smaller down payment for a property, but they are only offered to individuals, not businesses.
In fact, many well-known companies started out as home-based companies, including Apple and Ford Motor Company. The biggest trend that has taken place during my time in property is the huge and sudden shift towards people buying property within companies. Mortgage interest is no longer an allowable expense for individual real estate investors (instead, they can only request a base rate allocation), but it is for businesses that own properties.