With all the recent market turmoil the question looming in many people's minds is > "Is the lease purchase still a viable model for achieving home ownership?"
The answer is.... "Yes the lease purchase model is still viable. BUT (you knew there had to be one) .... you have to choose the person / company that is administrating the lease purchase very carefully."
In a quick summary, the lease purchase is still a great mechanism to achieve home ownership but both the offering entity and the eventual owner need to be very committed, disciplined and serious about the proposition of home ownership. Many people make the mistake of thinking that the lease purchase model is a glorified rental which it is not. Instead the lease purchase is a legally binding arrangement where the leasing party agrees to eventually purchase the asset at a set price.
Before getting involved in a lease purchase make sure you know that the party offering the lease purchase has the opportunity to provide you with the capability to get financing when the time comes. Also make sure that you are committed and capable of obtaining the necessary financing based on your finances, credit liabilities, etc.
Good luck in your search!