FAQs

You’ve got questions. We’ve got answers.

I am renting now, how is this different?

This is a way to help you get started toward BUYING your own home. Instead of throwing your money away each month on rent and having nothing to show for it at the end of the year, with rent2ownhomes each month 50% -or more- of your monthly payment is credited toward the purchase of the home.
For example, if you were paying $1,500 a month in rent you would have $750 a month going toward helping you purchase the home. That's $9,000 after 12 months! 

Is the price of the home established in advance?

No, the price of the home will be based off Fair Market Value at the time you purchase.  Your mortgage lender will require an appraisal to agree that it is a fair value.  If for any reason you choose not to purchase the home you are living in, your 'rent credit' may be used toward the purchase of any home Maxwell Homes has available for sale. We may even be able to build you a home if you prefer not to buy your current residence. (Note: Areas outside Granbury Texas may not have this possibility).

How long is the rent2own period for?

Typically we can give you twelve months and quite often up to twenty-four months before you would need to complete the purchase. Each property is treated individually and we try to accommodate your own situation. HOWEVER, you may buy at any time within the length of the agreement. You do not have to wait until the end of the agreement.

Do I have to 'qualify' for this program?

No, not in the usual sense of having to meet certain income and debt ratios OR achieving a certain credit score, as would be necessary for a mortgage company. 

Although it actually makes sense to buy a home this way even if you could get conventional financing today,(because of the substantial equity you are building immediately) many of our buyers do have some issues that need time to be resolved. At this point your credit and finances are not the restriction they would be with a conventional mortgage company.

Do you raise the rent by 50% first

No. Each property rents for the same amount as the normal fair monthly rental price.

What happens at the end of the rent2own period?

Do not confuse this with an “owner finance”. Prior to the end of your lease you need to be organized with your own new mortgage to complete the purchase, if that is what you wish to do. Purchasing is not mandatory. We can help you arrange this if you wish. 

Who pays the property taxes and insurance during the rent2own?

The property owner. You only pay the monthly rent and utilities until you actually complete the purchase.

How do I actually find a rent2own home?

We have a number of our own homes, located in Granbury and only work with our own properties. Homes on this program sell very fast, often in hours rather than weeks and months. For this reason you need to be ready to make a decision when you start looking for a home. We try to accommodate your moving dates and if, for example, you need to give 30 days notice to your Landlord you can probably secure your rent2own home and move in 30 days or so. We maintain a short list of buyers ready and able to move when a home they like becomes available. Some homes therefore are never even advertised. If you are serious about getting into your own home please give our office a call and ask to be put on our list. Click on Homes Available above.

Why is this a good way to buy even if I could get a conventional loan now?

Of course I don't know your situation and some rent2own advantages may not be relevant to your specific needs, but here is a short list of some of the benefits to many of our buyers.

  • You are building equity much faster than with a conventional loan. e.g. With a typical $200,000 mortgage at 4.5% on a 30 year schedule you would have a monthly payment of Principal and Interest only (you would also have to pay property taxes and insurance) of $1013. Of this, only about $263 is principal (i.e. money toward the house), $750 is just interest you are paying to the bank.
    The rent2own program would give you $750 a month, not $263, toward the principal.

  • Your 'rent credit' will reduce the amount of cash you need to close.

  • No qualification restrictions

  • Immediate move in possible (in the case of a vacant home).

What happens if I do NOT complete the purchase for any reason?

There are NO REFUNDS OR CREDIT of monthly rental payments to you on this program if you do not buy the home. The rental deposit is refundable subject to your compliance with standard lease conditions. Your benefits come when you complete the purchase, with your own new mortgage. There are several alternatives that we will discuss with you if you do not wish to purchase the house you are in at that time. You may be able to continue renting the same house, or move to another you prefer or even consider our building you something new.