I agree with Ron Thomas!
In addition to Ron's list of thoughts:
1) What would stop the seller from re-financing the home you are renting, and pulling out all of the equity?
2) What would compel the seller to make any mortgage payment while you are obligated to continue your rent payments?
3) What happes to your option payment, and your down payment if the seller loses the house through foreclosure?
I recommend that you contact a realtor regarding homes that offer seller-financing, or alternative financing. These options keep YOU in control of the house.
Real estate Ebroker
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!