When you enter for 'lease option'; plan such a way that you would meet the qualitfication for mortgage in the timely fashion much ahead of option expiration. This would ensure that you would be using the option concept to your advantage. Say if your mortgage officer suggests on getting loan in next two years, then your lease agreement should be for 3 years. This way you playing it safe.
You have mention on the option agreement on what would happen if the appraisal becomes an issue, we dont know the market condition at the time of your financing.
You can search for homes on my website. Either for leae or for sale. Let me know what you like & I'll see if a lease option would be possible. Typically this would be a home that they are having trouble selling or some investors are doing lease with option since it's easier to get the house back if they don't maike their payments. With a lease option, you will loose your option amount if you do not purchase within the time agreed upon.
Do you have funds for the option amount? You will also need a credit report, rent history(if you have it) & proof of income or employment.