If you are looking in Central Florida please contact me at 321-948-7680 and I would be happy to help. As the other Agents have stated the first item of business is to obtain a pre approval from a lender. If you would like to contact a local lender in Central Florida I would recommend Jason Gonzlaez, you can find his contact information at the following web address:
Rent-to-own is a horrible, horrible idea for the buyer. They homes are usually in horrible condition because the seller can't sell any other way. Renters pay a surcharge (above market rent) and you lose your money and deposit if you decide not to buy the house, or if you can't qualify for a loan. Seller hope that you will violate the terms of the agreement so that they can resell the house to the next sucker.
I strongly suggest that you continue to rent until you can qualify for a traditional mortgage; then go shopping for a home. Put the money that you would have spent on the surcharge into a savings account. Fix your credit. And before long you'll have a home of your own.
When you want to buy a home the best place to start is to hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Contact www.naeba.org for a referral in your area.
I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.
Best of luck!
Have to echo the response from Danielle. Mortgages are even difficult with 720 scores. Would recommend that you pull your respective credit reports and make sure what is on them is accurate. Once you clean up your reports then start working on improving the scores. Right now the best avenue possibly to investigate once the scores come up is FHA as they won't look so harshly on the short sale.