I receive calls often asking for information about Renting to Own, and my first response is, "What is your time frame to purchase and be in a house of your own?" Most folks have no time frame, they just don't have the funds for a down payment and closing costs. While Rent to Own is an option for some and sometimes works, I have a few cautions: 1) have an attorney prepare a Rent to Own contract with the landlord/seller and you (renter/buyer), 2) make sure that when the time comes to purchase the home, have a reserve of at least 3 months mortgage payments saved, 3) there a scams out there, sadly to say, especially with homeowners who are in default and on the verge of losing their home. Hire a Realtor that specializes in the area in which you want to live, and ask that they check with a title company the status of the home whether it is in default or foreclosure. If not, hire that attorney to prepare a contract. My recommendation: rent, save, then buy the traditional way. Here is a link that offers more info.
Here is a blog about When it is a good time to buy....Patients is your answer.
best of luck.
I am always confused by so many people asking about rent to own. The vast majority do not end up "buying" it or excercising their option... they often get into a higher than market rent situation for the option .... and if they DO end up in a position to buy... they now have locked themselves into one property instead of the hundreds or thousands of other options out there. Do yourself a favor.... Rent for now... when you are ready to buy, call a Great Buyer Agent who is a Realtor in your area and find the best deal to purchase.. and buy it on those terms.
You could get a bunch of solid listings with the rent to own by contacting a local agent and requesting those types of listings. It's very common to get those types of listings in today's market. But soem of them do want credit scores etc.