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Unlike traditional renting, this program offers a pathway to homeownership by letting you choose almost any single-family home listed for sale and rent it while you save up to buy.
With the program, you get the flexibility of renting, while also moving closer to homeownership!
Benefits:
- You may contribute a portion of your monthly rent payment to go directly towards savings—money you can use towards your future down payment on the home*.
- You can choose from almost any single-family home on the market , so you get to live in your dream home from day one.
- They will cover all major repairs and maintenance to ensure your home is safe and habitable during your lease, and unlike a rental, you have the option to customize** your home to meet your needs.
- If you don’t love your home, you can walk away and cash out your Savings.***
Qualifications:
You can apply online in minutes to find out if you may be pre-qualified for the program. Eligibility is determined by a variety of factors including credit profile, income, and background check.
Here are the minimum qualification requirements we consider:
- A FICO score of at least 550*: All applicants need to pass a soft credit check—this won’t affect your credit score. We’ll look at your FICO score, recent loan delinquencies, and any foreclosures or bankruptcies**.
- In some cases, a soft credit check might not provide Divvy with enough information to determine your eligibility. If this happens, we’ll reach out and explain how to move forward.
- A minimum monthly household income of $2,500: You can add a co-applicant during the application process. The exact minimum required income will depend on factors like, your current debt levels and home prices in your desired metro area.
- 3 months of verifiable income: We look for 3 months of steady income. You’re able to add multiple income sources including self-employment. Just know that self-employed income can take a little longer to verify.
- Background check: We run a background check to determine your rental history and criminal background. For criminal background checks, we evaluate the recency and severity of any convictions.
- A valid government-issued photo ID
Click here to apply!