should i do lease purchase?

Try getting pre-qualified and find out if you are eligible at this time or in the future.

Personally I would wait and get my credit cleaned up first and the purchase. In MY opinion, most LEASE PURCHASE agreements are heavily favoring the seller (after all it's their property). Personally, I think you are far better to clean up the credit, even if it takes a year or two and then purchasing the home through a traditional mortgage program.

Alicia, In my opinion, Lease options can be a great way to bring a potential buyer and a seller together given the right circumstances. If it is a home that you really like and a good deal, you could sign an option contract and then spend a few months straightening out your credit so that you can take advantage of the low, low interest rates and likely a lower monthly payment. Surely consult with a mortgage person as soon as you can. If you do sign an option contract, make sure that you are not penalized for excercising your option to purchase at anytime. Also, it may be a good idea to have a title company perform a search regarding the property to make sure that it does not have any liens on it or in foreclosure. Also, either consult with an attorney or a Realtor that you know and trust to look over the contract for you.