Sylvia, I will ask you some questions here to get you thinking if you want to really lease to own?
First thing to do is talk to a mortgage broker and see why you can not get a loan today? If you cannot get a loan what will it take and apply the questions below to get your answers.
Most sellers and buyers don't really understand a lease option and the legal issues they pose? If after talking to the mortgage broker talk to an attorney.
1. How much of your rent do you think you can apply to be credited to the purchase price that you agree on between you and seller?
2.How much will the house you are renting today be worth in 2 years. You set the price today and see where it is at 2 years from now? Wonder if the house is worth less will the seller still sell it to you? Wonder if it appraises for less?
3.Wonder if you cannot qualify for the new loan in 2 years or interest rates go up and they will since they are at 50 year lows.
4. How much are you going to put down as non refundable deposit option money if you cannot buy the house in what ever time frame you are at, do you expect to lose the money? This is the money that the seller gets because you wanted a lease option.
5.Are you contacting an attorney now before you go into this to make sure it is legal?
6.Wonder if the house you are lease optioning goes into default and you are now on the loan as a second or 3rd lien holder?
I could go on and on?
But bottom line, is rent if you cannot buy because it is not binding and who knows if you will like where you are renting?