YOUR STEP BY STEP PLAN TO MOVE INTO THE HOME OF YOUR DREAMS!
This page explains the easy steps to move into one of our homes. Click here for more information on the approval process.
We can owner-finance you into one of our homes regardless of credit, however, you must have a down payment. If you do not have the money for your down payment, we will work with you on our Lease-to-Own Program. Either way, you can eventually own your own home!
If the home you want is vacant, you can be living there in as little as 7 days. If the home is occupied, it might take a little longer.
Here is how the program works:
1. Shop on our website under "Featured Homes." Then drive by the homes we offer and come to the open houses. (Usually on Sunday afternoons) We’d like to meet you and your family. We can answer questions and you can learn about the homes, neighborhoods and prices.
The actual payments on a house can vary depending on the size of your down payment. The size of your down payment has a significant effect on your payment. Simply put, the higher your down payment is, the lower your payment will be and the better your interest rate will be. Be sure to ask for details.
Try to keep your monthly payment at an amount that is less than 30% of your GROSS monthly income—this is the amount you earn each month BEFORE they take out taxes. So, determine your GROSS monthly household income and multiply by .30. Your monthly payment should not exceed this amount. This is the same formula we’ll use when you apply.
2. Many people submit their application to get pre-approved (strongly recommended - click here) before they ever find the home they actually want. Our homes move very quickly, and those who are pre-approved are the first to receive information about new homes we are putting on the market. If you have found a home you want and have not yet submitted an application, you should fax the two page application and mail in the other required documents.
3. When you find the home you want, we will require a $1000 deposit to take the house off the market and reserve it for you. This money will be credited towards your down payment or security deposit. It is not refundable because the home was taken off the market and reserved specifically for you. If you have any questions, please feel free to call us.
4. Monthly payments are required to be automatically deducted from your checking account. This will occur on the first, fifth, or fifteenth day of every month, and you must have sufficient available funds in your account to cover your payment each and every month. We are very strict about timely payment and make no exceptions to our enforcement of these. We charge late fees and bank charges if the bank draft doesn't clear and require the payment including the late fees to be made with a cashier's check immediately.
5. If you choose to lease your new home, you will need only a tenant's insurance policy to cover your own personal belongings during the lease period. We will pay the insurance and taxes on the home during this time.
Madison Joy Property Management, Inc.
P.O. Box 884
Mineola, TX 75773
Phone: 903-569-9932
Fax: 903-569-1847
