To be honest with you it is unlikely that you will find such a deal in Farilawn. I work the area - my office is a couple of miles west of there and I know of no sellers that are offering a deal like this in the town. Because of the decling market it would be very unlikely that a seller would contemplate going ahead with a deal like this. It is also something that is quite uncommon in this part of the country.
If lack of down payment is your worry the FHA programs for first time buyers are pretty generous when it comes to that but you have to realise that with all that has been going on the banks are very reluctant to lend to home buuyers with less than good credit.

Hello again!
I dont' want to be a stranger, meet me on
http://ActiveRain.com/Yelena
http://www.Trulia.com.profile/YelenaRealtor

Hello!
How are you doing?
I will be more than happy to assist you in your new home search.
Just let me know, please, what exactly you are looking for.
Sincerely,
Yelena Tsuladze
Advanced Realty Group, LLC http://www.Yelena.ValuedAgent.com
973-652-1372 - cell

please refer to some of the previous posts regarding rent to own,to familiarize yourself with this option. here are some of the basics:
1.you will give the owner a non-refundable deposit(usually 10% of purchase price) to compensate him for keeping the house off the market
2.You will pay a monthly rental that is above market rate
3.the deposit and extra money will be placed in an escrow account to build up your down payment
4.You will agree to purchase at a specified time
5.At that time,you will take your down payment(escrow funds) and get financing from a mortgage lender to purchase the house
6. If you do not purchase at that time,you will forfeit your escrow funds

This can be a tricky process & there are a lot of pitfalls,so i urge you to contact an agent to help you through this & protect your interests.