While it seems to be a "easy way in" for most renter / buyers, often times, the renter don't have the ability to obtain mortgage financing within the time frame due to their own financial issues and lender changing guidelines. Some people eventually lose their down payments, deposits, and any upgrades they put into the house when they can not buy.
Look up http://www.worldsbestcreditrepair.com for a self help credit repair system. I have worked with people who were benefited by increasing over 200 FICO points in a few short months. You will have a lot more purchase options by then.
Celine Fang / Private Financing Program Specialist
Boston Creative Financing Group