Hopefully things are improving and you are in a better position to buy. Get a free credit report and make everything on there is accurate. Prior to renting talk to the owner about the rent with opt to buy.
Let me ask you WHY would you want to rent to buy? I know what you will say, so you can save or improve your credit to be able to buy later. Unfortunately this seldom works out in your favor. Credit is not easy to improve quickly and if you have a problem in the next year it can make it worse. The down side is that you will agree on what you will pay the owner in a year and place a deposit down. Then each month you will pay an extra $100 or $200 on top of the rent, this extra option fee is saved by the owner and added to your down payment when you buy the house. If you don't buy it when you agreed to, then you loose all the money and deposit the owner has collected. It's an awful deal for most renters because they don't go through. To make things worse, home values are dropping so in a year the bank might not even loan you the money to buy if they think the house is not worth what you agree on today and you loose the money.
Rent - save and improve your credit and then buy when you can. Stay away from rent to own.
1. contact all 3 credit reporting agencies see if there are things on your credit that you have paid, or wrong
ask that they be removed, the creditors have 30 days to respond and if they don't respond the issue gets
removed and your score goes up.
2. if you have any credit cards or loans each month pay just a bit more than what is owed, and if possible
make an extra payment during the course of the same month it doesn't have to be another full payment
just alittle something, this will increase your credit over a 3 month period.
3. If you dispute things on your credit that have been paid or not yours your credit will go up just a few points
but all this adds up.
4. Don't run your credit or have anyone run your credit for at least 3 months or longer
5. Don't be late on any payments
6. If at all possible put alittle away each month during this time $50 a week adds up over 3 to 6 months
Even if you have enough for a downpayment already to purchase this little extra will mean alot to a bank
approving you for a loan.
7. Rent to Own have never worked out for anyone we've ever met in our 20yrs in Real Estate so it's of our
opinion this is not the way to go.
All the Very Best
Dave & Lisa