Second, check with conventional lenders. Yes, that bankruptcy is a major problem. But your credit scores are OK and obviously improving. (Though I'm puzzled that all 3 bureaus show an identical score; that's highly unusual.) You earn a decent salary with low current obligations.
Third, I get nervous about the financing at 105% of value. It could work and, obviously, with owner financing you don't have to have the house appraise over a specific number. But what it does mean is that you'll start off with negative equity, and it'll take you longer to get above water and--if you want--to refinance with a conventional mortgage.
Fourth, I don't like the $1,000 fee if "not approved." I understand application fees, of course. But someone serving as an intermediary in a lease-option or owner financing should know beforehand whether the applicant qualifies.
I like lease-options and have written a blog about how to find them: http://bit.ly/findaleaseoption But I'm not sure that the Georgia company is the right one to deal with, or that you really need a lease option at all.
Again, check with a good lender and a good Realtor for more help.
Hope that helps.
If you google "Rent to Own in Upper Marlboro, MD", our video comes up number 1. My name is Melvin Yates and we specialize in Rent to Own and Seller Financed Properties in Maryland and Washington, DC. Please feel free to email me at Melvin@GradyProperties.com.