How to approach seller with owner finance.

[Tonya Hall]

Hi. I am new to here and new to the real estate market. I have a question about owner financing. I am in Pensacola, FL. My husband and I have found a house we like and upon calling the owner found that he only wants $20,000 for it. We actually at this time don't have the credit for traditional financing so I asked the owner about lease option or rent to own which he said no to. He said he is uncomfortable with that as he believes he would have to carry the insurance. Upon further investigation I have found articles on owner financing and contract to deed. We would like to put $3000 down and have payments around $600, what is the best way to approach this elderly gentleman with that offer? Thanks for any help. 

We are also willing to pay for the insurance and taxes on the property.