Is there a reason that you are looking for a Lease Purchase or Owner Financed home? There are serious pitfalls in obtaining a home by either of these methods. Most Sellers are not in a position to finance the property. Even if you could find one, you have to be sure that the property was free and clear of any Mortgages or Liens. If you by an Owner Financed home and the Seller defaults on the indebtedness, you could lose everything you have in it. The same goes for a Lease Purchase. If there is indebtedness and the Seller defaults, you are in the same position to lose it all. Another problem with a Lease Purchase is that the seller will price the property at what he thinks it will be worth at the end of the Lease and in this market assessing the value of any property 1 or 2 years down the road is all but impossible.
If you Credit Score is the problem you need to explore what Private Lenders have to offer. They will require a larger down payment than a Conventional Lender and a higher Interest Rate but as long as you have Income and the property Appraises well they could be your answer.
may I suggest that you contact a Lender that I have worked with in the past with great results. They are a licensed lender in the State of Georgia and have placed many Home Mortgages here. They will lend up to 12 years on a Residential Mortgage, giving you plenty of time to get your affairs in order and correct whatever is preventing you from qualifying for a Conventional Loan.. They will not include a pre-payment penalty clause in their agreement, allowing you to refinance at a more favorable rate as soon as you can quality. You can give them a call and clarify some of the issues and see if they can help you. Their contact information is:
The Westmoore Group, LLC
Ph: (646) 801-6190
Fx: (646) 619-4291
The Westmoore Group, LLC is a licensed lender in the State of Georgia and operates under the license #30544.