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.

Christina, I did some research and found an adorable 3 bedroom with a large fenced backyard in El Reno that has been remodeled and the asking price is $47,900... the sellers are willing to pay closing costs which should help remedy your situation. If you are interesed in seeing it let me know. Thanks! Jennifer Henning

Christina, did the lenders say that you could be approved for the loan if you came up with the closing costs and down payment? Do you know if you spoke with a mortgage banker or broker? I had responded to one of your previous questions, the mortgage broker I spoke about would be able to help you with how to get the closing costs and down payment down, if that was the only problem. Rent to own has some risks with it that if you aren't careful can come back and bite you. There have been several people who have lost the home even after several years of on time payments because the owner didn't pay the lender and the home was foreclosed on.

Christina, These days there are multiple programs for Down Payment Assistance and Closing Costs... sometimes sellers will also help or contribute to the buyers down payment or closing costs. Have you heard about any of these programs and have you looked into them? I would be happy to discuss these types of programs with you and get you pointed in the right direction (it only takes a few days to get approved.) You can reach me at 405.603.7443.