(if you think you simply pay rent, and then it is all applied to the sale price if you buy the house - think again!)
Don't sign anything unless you have an attorney look it over.
Most "rent with an option" deals involve NON-REFUNDABLE deposit money...........upfront...and, you will most likely be asked to pay an amount of rent over and above the normal rent.
Only that overage will be applied to the sale price IF you are able to buy the home, If you do not buy the home for any reason (example - you still don't qualify for a loan!) you LOSE that amount of rent and any other upfront deposit you gave.
This usually is not an arrangement that favors the tenant.
Please investigate before moving forward.
Rent for now..... and work on your credit until you qualify for a loan, and then buy in the normal manner.
If its the credit score is 500 and above, my lender can still get y'all approved but y'all will have to put 10% down. Call or email me anytime.
830-443-4883 - office
210-287-8917 - cell
210-481-9849 - fax
Either you find a For Sale By Owner who is willing to carry your loan or (and the best case) ask the landlord if the house might be for sale before you lease. Then lease the house for a year or until your credit score is good enough for a loan. It is much more simple to do two transactions.