Kim and Patrick,
There are very good reasons that Texas law does NOT allow us as Realtors to be involved with lease to own transactions. In other words, it is NOT A GOOD IDEA due to the many complications that can arise and, potentially, end up in lawsuits.
Your best strategy is to simply lease until you can accumulate enough money for a down payment (talk to a lender of your choice about the various programs that may not require a down payment) and/or get your credit score in tip top shape so that you can take advantage of these low rates.
If you have a large enough down payment (e.g. 10% or more), then you MIGHT find a seller willing to provide seller financing, which is different than a lease to own transaction. If you pursue this strategy, then expect that the interest rate would be higher than most traditional lenders and the seller will likely be much less willing to negotiate the price.
There is an old adage in the real estate business..."My price, your terms"...or "Your price, my terms". Sellers who offer financing consider this Their price and your terms. The other end of the spectrum is to pay all cash. Then you can typically negotiate the price.
Good luck. Be cautious. Be SMART.
Brent Rice, Trulia Top Recommended Broker (Pro & VIP)
The Rice Group, Inc.
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