Now is a great time to Lease Option a home. Sellers are more motivated than ever and as long as you are in an area that isn't depreciating you can begin building equity immediately. There are important things to consider when doing a lease option.
Someone else stated that the majority of lease options never closed and this is true. The biggest reason is that they were not set up properly to begin with.
You will want to make sure that your option price is realistic. Very often, sellers will try to set the price at well above the market. This will prevent you from purchasing the home because it will not appraise.
You also want to make sure that a portion of each payment is applied as a rent credit. This will help minimize the downpayment required.
If at all possible, find a program that reports to your credit. There aren't many out there but a good program that is serious about helping you become a homeowner will.
You will want to enroll in a reputable credit repair program immediately and also find a local loan officer to work with. (Assuming your credit score is less than 720)