The Divvy Rent-to-Own program offers Americans a safe alternative form of financing so they can get into their dream home today. Whether you don’t qualify for a mortgage or you are new to the area and want to get to know the area more first, or even just want to try before you buy, this program is perfect for you! Don’t wait to get into your dream home, rates and prices will go up! This program allows you to get your dream home today, while taking the necessary steps to be able to purchase the home within 3 years. And the best part is you know the purchase price ahead of time. That means no negotiations or bidding wards once you are ready to buy!
HOW IT WORKS
1. CHOOSE YOUR DREAM HOME
You can choose any home on the market and Divvy buys it on your behalf, with just 2% due upfront and monthly payments that cover rent and Home Savings. Divvy takes care of the negotiating, home inspection, closing fees, and most of the paperwork.
2. MAKE IT YOUR OWN
You get to enjoy the benefits of ownership from day one. You’re building equity in the home and the home is your—you can feel free to paint the walls or hang up family photos!
3. BUILD TOWARDS YOUR MORTGAGE
Each month, you will make one monthly payment- of which ~75% is rent and ~25% goes into a “Home Savings” account that goes directly towards your future down payment when you’re ready to purchase the home.
4. YOU BUY BACK THE HOME FROM DIVVY OR WALK AWAY WITH SAVINGS
You can buy back the home at any point, using your savings to go towards the down payment or you can walk away and we will cash you out! (minus a 2% re-listing fee).
HOW TO QUALIFY
- Minimum FICO of 600+
- $75K annual income (can be from 2 applicants)
- Currently employed or have other steady income sources
- A maximum monthly debt-to-income ratio of 50% including a potential Divvy Homes payment
- 2% of the value of the home for down payment ($8K+)
- No evictions or bankruptcy in the previous year
Check out this introductory video to learn more!
HAVE QUESTIONS OR WANT TO APPLY?
- No application fee
- Add a co-applicant in order to increase the purchase price you may qualify for.
Due to the fast changing inventory of homes on the market, the homes listed on the Divvyhomes.com website may not be up-to-date, and there may be homes listed on their website are not on the market still. Once you get approved for a rent amount, I will send you the most up-to-date list of available properties and help you with finding your dream home.
I’d love to help answer any questions you have or address any concerns. Reach out to me anytime.