Rent now, improve your ability to get a loan and then buy when you really can buy.
Let me know if you'd like my help.
The folks below have advised you in a myriad of ways on the lease to own. If you would like some help with your credit, I'm happy to connect you with some folks who can help you do just that.
In most cases, a Rent to Own will not be reported on your credit bureau as a credit obligation. Therefore, you will not see any improvement in your scores as a result. You can however ask that your lease to own 'seller' reports your monthly payment history so that your payment history does show up on your credit report. Not all 'sellers' will agree to do this.
All of that being said, What exactly is the question you're asking?
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!