The lease-to-own programs can be good, and I have heard good things about Waypoint. These programs assume you will eventually qualify for a loan from some other lender in order to purchase before the option to buy expires.
If you have not looked into HomeLiberty, you might want to.
It is similar to a lease-to-own program, but provides financing and is designed to get you into your existing home with your loan reduced to 90% of current appraised value so you have 10% equity.
The program is not for everyone, but if you are losing your home because of strategic default, it is probably a better solution than lease-to-own.
The last thing we need is drama on this forum, lol. Too funny. But hey, I'm a real estate broker in Fairfield, CA ( Solano County) and the link below you will find some lease to own properties.
Let me know if you like any of these.
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