I have a feeling you aren't, as many consumers think they simply pay rent, then all that rent is applied to the purchase if they buy the home, and if they don't buy the home.......... life goes on.
It doesn't work that way.
This type of agreement usually favors the seller, and it involves NON-REFUNDABLE deposit money on your part , and/or an amount of rent OVER and above the usual rent - money you will lose if you are unable to complete the sale at the end of the term.
If you don't qualify now (which you clearly don't)..........please wait until you know you will be approved for a loan before risking your hard earned money!
Once your financial house is in order, then buy in the normal manner.
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.
There is no FORM printed by anyone; there are just too many variables.
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!
Good luck and May God bless