WHAT IS RENT TO OWN?
Rent to own a home is very much like a car lease. Buyers make an arrangement with the Seller to rent his home for a period of time and at the end of the term they have an option to buy the home at an agreed price from the Seller. Usually the monthly payment is higher and a part of this payment goes towards the down payment to purchase this house.
For Buyers who no down payment or perhaps bad credit this may be a good option for them as the seller becomes the banker and yes, in most caes you are paying over market value for the home but the end goal is that you have purchased and now own a home.
In our Toronto market I personally don't see or hear about this method to purchase. I also don't recommend this method but remember is is a way to buy a home.
I stronly recommend repair your credit problems,save for a large down payment and get financial approval from a reputable lending company.