This is a scenario that can be full of issues if you don't have an experienced realtor to guide you. In this type of a transaction, you'll execute a lease and a sales contract with an option. An option is good for only one year. The option money is usually non refundable if you choose not to buy at the end of the option. You should be certain that within the year timeframe, you'll be able to qualify for financing or you'll lose your option money. You need to also be aware that you are paying rent and if the person to whom you're paying rent does not make the mortgage payment, you could end up with nothing. So, it's very important to make sure that the seller is financially sound. If you're already working with an experienced realtor, they can guide you through this process. If not, you may contact me and I'll be happy to help.