None of the above.
Lease/Purchase is basically outlawed in Texas. Just too many people who would take the buyer's money.
You still see signs and ads, but there are people out there still trying to beat the system on the seller/owner side. If you really think you want to do this, make sure you hire your own attorney to review any and all contracts BEFORE you sign. This might cost $300-$500 for you, but will likely save you lots of cash now and down the road...as well as save you heartache and heartburn in the future.
With the new SAFE Act....owner financing is pretty much gone too.
Best thing to do is rent below your means. I mean rent as cheap as you can stand and save up a big down payment. Wait the two years. Pay everything on time and pay down all credit. Get a secured card and just charge a little on it each month. Maybe gas. Absolutely pay it off each and every month. In two years hopefully you can put down 20% of the purchase price and obtain real financing. Everything is changing, but that's likely a great situation for you to be in and optomistic for a lender too.
Take Dave Ramsey's Financial Peace University in the meantime and this will help you get on the right track, saving for a rainy day fund, budgeting, and saving for down payment and retirement.
The worst questions we get here on Trulia and bad situations we see are 2 or 10 or 20 years down the road. There was just a posting here recently about a buyer of an owner financed property losing her $20,000 down payment and a good number of years payments.
There are legitimate situations with owner financing and lease to own, but be very very careful and make sure your own attorney looks over everything. Don't fall for using the seller's attorney or that all documents were created by an attorney. Make sure the attorney YOU are paying to advise YOU looks over everything.... more
Check out a great site that DOES manufactured financing. A couple of agents in our office have used them. I referred a client to them last year and it worked great.
The site is www.21stmortgage.com. Hope this helps and it didn't come TOO late.... more