​

ADVANTAGES

Free to apply! No impact on credit! (Soft Pull) No application or offer fees! Earn Equity that will go towards the purchase of your home. A budget will be set and then we can go shopping! Fast move in!

 

 Application and Approval Process

Approval, Shop, Move in! 2% down payment on full price of home. Pre-approval on the very next day!

Underwriting process is very fast. It has 5 simple steps:

1. Fill out our pre-qualification form that will follow after you sign up on this page. This allows us to estimate your budget.

2. Upload a photo or scan of your photo identification.

3. Upload 2017 Tax return, W2, or 1099 for Proof of Income.

4. Use Divvy’s bank connect tool to send us your most recent bank statements for Proof of Funds.

5. Authorize a credit check.

      Response within 3 business days at most, and usually within 24 hours.

​

 LEASE AGREEMENT

Lease for up to 3 years, building equity credits every month.

 

Down Payment

A minimum required down payment of 2%. So for instance, if you’d like to lease a $100,000 home, you must put at least $2,000 down. Our overall minimum down payment is $1,300, which corresponds to our most affordable home options.

What happens to my down payment?

Your  down payment becomes equity credits in your home. It is not a fee in any way. If you have a 2% Down Payment you will have 2% equity credits.

​

 Lease To Own

Your Right to lease to own gives you the right to purchase the home you select from the program with your 2% or greater down payment. Buy the home back! Provide up to a 10% down payment with no additional costs or money down from you. 3 year lease program, unless you choose to buy the home earlier, in which case the program ends. Otherwise, your lease obligation is 3 years long.

Please sign up below if you believe you meet all the qualifications below. You must be able to comfortably afford your monthly payment. Your monthly payment will have 3 components:

• Rent (about 70% of your monthly payment)

• Equity credits (about 25% of your monthly payment)

• Maintenance funds (about 5% of your monthly payment)

​

What homes are available to lease with Divvy?

Almost all homes on the market! We allow you to choose from homes currently for sale in your area. You aren’t choosing from a small group of homes that we already own.

NOT able to purchase and lease the following:

• Condos

• Foreclosures

• Non-bank-approved short sales

• Auction properties

• Homes with serious maintenance issues

• Manufactured or mobile homes

• Undeveloped lots and pre- or mid-construction homes

 

What if I need to leave during the 3 year lease?

You can end your lease by buying the home at any point. If you do not buy the home, you are obligated to lease your home for the full 3 years. If you stop making payments, your lease  will be considered broken, and can only refund 50% of the total dollars of equity credits.

​

What do I need to pay to make an offer?

No application or offer fees!

In order to make an offer, you’ll send Divvy 10% of your down payment, to be held in escrow. So for a $2,000 down payment, you’ll send Divvy $200. The remaining $1,800 would be due when the closing process concludes and your lease starts. If the home does not close or our offer is rejected, $200 would be refunded. Close in as little as two weeks!

How long does this all take?

Our approval process is extremely fast. Once you’re done submitting our required documents, we can pre-approve you the very next day!

Closing on a home, once you’ve made a choice, takes between 1-5 weeks, again often depending on your preferences, as well as those of the seller.

Overall, we recommend you apply  2-3 months before you plan to move. This gives you time to address any issues that come up during the approval process, just in case. But if you’re moving soon, don’t worry we can move as fast as you can!

​

What happens if the customer chooses NOT to buy the home at the end of the 3-year lease agreement?

If the tenant chooses not to buy the home at the end of the 3-year lease,  will sell the home. We’ll cash out the customer’s equity credits and share 8.5% of the home’s final sale value (we need to deduct 1.5% to cover selling costs).

​

Qualifications for lease with option to purchase
application process.

​

1. Does your household make at least $2,300 per month? (Combined or alone if single)
3. Do you have at least $1,300 saved up and ready to go for down payment?

4. Experian version 2 FICO score of at least 550 (Soft credit pull that does not affect credit!)

5. Criminal Background Check- To qualify for Homes an applicant must pass a criminal background check. The company evaluates the recency and severity of convictions when reviewing an applicant’s criminal record. We do not have a “no prior felonies” policy for applicants.
6. No Bankruptcy in the past year. Bankruptcy must be discharged over 12 months ago.
7. No Evictions in the previous year.

8. A maximum monthly debt-to-income ratio of 50% including a potential Home payment.
9. Do you have any pets? Guidelines allow no more than two small pets or one large dog.

10. Will not be able to use section 8 with this program. 

11. Must show 6 months of income.

​

Once your application is received and approved  I will call you and we will meet to find your new home! Keep in mind the home you chose will be the home you will be able to purchase. Make sure you include your phone number, happy hunting! I am excited to work with you! 

WELCOME TO A NEW PATH TO HOME OWNERSHIP

You will be taken to the application page after submission,after approval, applicants will be contacted and the home search will begin.

​