Your best bet is to rent until you can qualify to buy. Rent to own, lease purchase or rent to buy are all good deals for a seller but rarely workout for a buyer.
This is not a good choice for you as a buyer. Run from anyone who suggests that you rent to own. Buy when you qualify for a mortage do not get into a rent to own contract if you are unqualified.
The rent to own contracts are a sellers tool to get people into houses. The process is that you will sign a contract saying that you will buy the home someday in the future 12 months-18months. You will put down a sizable Non-refundable option deposit which will be applied as a downpayment when you buy when and if you buy on time. Normally an 8%-10% deposit. At the end of the contract if you don't buy the house for the original terms you will lose your deposit. Now you get to start all over again after losing $5,000 to $10,000 it's better to rent until you are ready..
Best of Luck,
Bill Carey, Broker/Realtor
Certified Short Sale Seller Specialist
Bill.Carey@HendersonProperties.com l http://www.HendersonProperties.com
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REALTOR | GREEN Certified