Divvy Homes offers a new take on rent-to-own. The company is on a mission to give credit-worthy Americans a shot at owning a home, even if they don’t qualify for a traditional mortgage.
They start by helping a customer find a house they like and buy it on their behalf with just *2% due upfront and monthly payments covering rent and Home Savings.
Many Americans are unable to buy a home because they have low credit scores or other financial issues. This leaves a large gap in the housing market, which is where companies like Divvy Homes come in.
Divvy Homes offers renters a flexible homeownership model that allows them to inch their way to ownership over three years. During that time, they make monthly rent payments with built-in savings toward a down payment.
The company’s credit assessment is a bit more relaxed than traditional mortgage products, but it still requires proof of down payment and a credit score above 500. You must also have a steady income to cover your living expenses.
The program is a great option for people who don’t have a lot of cash on hand, but want to get a taste of homeownership. It can also be a good idea for people who aren’t sure when they’ll be able to save enough for a down payment.
Flexibility is a key factor in being able to perform a wide variety of tasks. It also helps prevent injury and maintain your body’s health over time.
For example, you might notice that when you bend over to put on a pair of socks or squirt a bottle of water from your hand, your muscles are more pliable. A good workout routine that incorporates a variety of exercises that increase flexibility will have you moving more painlessly and without discomfort in no time.
A company called Divvy Homes takes advantage of the rent-to-own model to help future homebuyers get in on the housing market sooner. Their program allows you to choose a home that suits your needs, make a small down payment, and then start making monthly payments. Some of these payments will be set aside in a savings account to go toward your eventual down payment. This is a clever way to help people with limited down payment funds get into the home of their dreams.
Homeownership is a goal for many people, but it can be difficult to achieve. This is especially true for those with limited savings or poor credit scores, which can prevent them from being able to secure a mortgage.
Divvy Homes helps aspiring homeowners overcome these challenges. It uses a rent-to-own model to help potential buyers get a foot in the door.
After the client selects a home, Divvy covers closing costs, taxes, insurance and repairs. In return, they pay a monthly rent that’s 10-25% more than what they would pay for comparable rentals in the area.
The difference goes toward equity in the home. Over the course of a three-year lease, clients build equity credits that they can then use to purchase their home outright at any time during the term.
This process allows a person to become a homeowner while also gradually building up their credit score and saving money for a down payment. It’s a flexible way to own your dream home, but you’ll have to consider your priorities before deciding whether it’s right for you.
Divvy Homes is dedicated to making homeownership more accessible to American families, particularly those struggling with tighter lender requirements or low savings. Their rent-to-own model allows aspiring homeowners to build up equity in a home over three years, with up to 25% of each monthly payment going towards a down payment.
Using a combination of technology and a human-centric approach, Divvy partners with customers throughout their journey to becoming homeowners. The process starts with a quick five-minute application that results in an approved budget and shopping with a real estate agent.
Those that choose to buy through Divvy do so with a 2-percent upfront fee and an initial 1-2 percent of the home’s purchase price in their down payment. The company then purchases the property on their behalf. Customers can opt out of the agreement at any time, but will be on the hook for the 2 percent fee and any outstanding payments. They’ll also lose their built-in savings.