Buying a lease option home through a rent to own lease is one way to save for a downpayment while you get to enjoy living in the house for lease option purchase.

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Most folks in the market for a lease option home are doing so because they need a little time to fix their credit. Financing with a mortgage company is either not possible, or the rates and terms are not favorable. Sellers with rent to own or owner financed homes understand your situation and your requirements. That is why they are marketing their home as available for rent to own or offering owner financing.

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If you have recently been through a bankruptcy or a foreclosure, it does not mean that all hope is lost. Many mortgage lenders will allow you to finance a home one day out of bankruptcy, even with a foreclosure on your record. They key is in your credit score. If your credit score is 580 or higher, then most likely you can obtain 100%, no money down financing if you have only one foreclosure on your record, and you are discharged from bankruptcy.

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One of the biggest advantages of buying a rent to own home is the fact that you can live in the home you want right now, even if you can't or don't want to buy it right away. You don't have to go rent a house or an apartment first while you work on your credit, and then buy a home later. By renting first, although you have time to fix your credit, home prices are going up and you lose time.
The advantage you have by doing a rent to own home and moving in right away vs renting first, is that you typically get a rent credit. If you rent, that money is lost forever. You don't get a tax break on it, it does not get saved and it does not apply to the price. Rent to own Sellers will typically extend a rent credit to you. This kind of 'save while you rent' strategy is only available on rent to own homes.

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