Credit problems are okay.  You will be approved to lease at the sole discretion of the seller.  Before you actually buy the home, you will have 3-24 months (depending on your agreement) to repair your credit and to find the best interest rates.  Many lenders consider the execution of the Option Agreement as a refinance loan instead of a purchase loan. A refinance loan usually has more liberal underwriting criterion than a purchase loan. Therefore, refinance loans are easier to qualify. Also, increased equity may be considered in the loan to value calculation. 
 

Your home buying power is increased, as you now have the ability to purchase using an alternative method.

You have faster equity growth than if you were just renting, and faster than with conventional financing.  You may have a lower down payment at closing if your rental credits apply. By the time you purchase, prices may have appreciated beyond your locked-in price, giving you additional equity (what you owe minus what it’s worth) when you eventually sell.  Compare any lender’s loan amortization schedule to that of a Lease Option contract and you’ll quickly see that the Lease Option contract wins hands-down — every time. Moreover, the buying power of a Lease Option contract can quickly and easily land you a home that you could only dream of buying the conventional way.

It may be possible to sell for a profit.  If you are allowed to sell (assign) your option (it will be in your agreement), you may sell it to a third party for a profit.

Maintain your privacy during the lease period.  Your name will not be on the title or in the public records until you exercise your option to buy or choose to register it on title.

A Rent to Own gives you sufficient time to check out all the features and faults of the house. Also, you have time to check out the neighborhood, schools, churches, temples, synagogues, nearby shopping, health care facilities, recreation, and your next door neighbor before you buy the house.

While you are renting, you have no taxes or property insurance to pay (the owner does that). Major repairs are normally the owner's responsibility until you buy the house, at which time YOU become the owner!