The last rent-to-own I deal I had required 6 months payments in advance, which in your case would be pretty close to $3500, and it ended with both sides almost in court claiming the other side was cheating them. I lost four good friends because of this deal, and I will never touch another rent-to-own mess again.
Rent-to-own may be the worst possible way to buy a home. You have all the risks and expenses of both renting (higher payments than buying, no remodeling without permission, can be given a 30-day eviction notice at the end of the first lease period) and buying (home maintenance, insurance, taxes) without any of the benefits (property appreciation, mortage interest tax-break).
The website below is for the Oklahoma Housing Finance Agency, and they have access to several lenders AND state bond money to get people into homes with lower down payments.... more