Too many of us are unable to buy a home due to high home prices, stagnant wages, and strict mortgage approvals. We believe in leveling the playing field by making it possible to enjoy the benefits of owning a home sooner rather than later. That’s why Gary Group Realty has partnered with Divvy. Divvy is a new kind of real estate company that makes it possible for you to build your wealth while living in your dream home.
Who Qualifies for the Rent To Own Program
- Minimum FICO of 550
- Currently employed or have other steady income sources
- A maximum monthly debt-to-income ratio of 50% including a potential Divvy Homes payment
- No evictions in the previous year
- No bankruptcy in the past year
In addition to the criteria above, Divvy Homes also evaluates the following elements of an application:
- Credit Report- Divvy Homes looks beyond just an applicant’s FICO score when assessing an application. Factors similar to recent delinquencies, the types of loans recently delinquent, and the number of successful loans in an applicant’s credit history is used when assessing an application.
- Criminal Background Check- To qualify for Divvy 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. Divvy Homes does not have a “no prior felonies” policy for applicants.
- Court Records- In addition to no evictions in the previous year, Divvy Homes looks at the number of recent attempted evictions as part of its application review.
Get Pre Qualified Now
How it works
- Complete an application
It’s free, fast, and won’t impact your credit score. It takes only 5 minutes to pre-qualify.
- Get approved for a budget
Once you’re approved, you’ll receive a budget to go home shopping.
- Choose your dream home
Partner with an agent to find your dream home. Choose from any home on the market that qualifies.
- Divvy pays for the home
We’ll pay for the home in cash and cover all fees, closing costs, taxes and insurance. All we need is a down payment of 1-2%.
- Move in and save
Move into your Divvy home and start saving to gradually build up ownership of the home. Most of our customers are able to become mortgage-eligible in less than three years.
- Buy the home or walk away with savings
At any point you can choose to either buy back the home with the money you’ve saved, or move out and cash out your savings.
Homes You Can Buy With Rent To Own Program
Get Started Now
FAQ
How does the application process work?
Divvy’s application is free, won’t impact your credit score, and only takes 5 minutes. Don’t worry if your financial picture isn’t perfect—we get that life happens. Once we’ve verified your income and savings, you’ll get your Divvy-approved home budget in no time (well, 24 hours… but that’s one of the fastest approvals around!).
What homes are eligible?
Divvy lets you shop homes that are listed for sale and within your Divvy budget. There are a few exceptions–like no mobile homes or condos–but generally, most homes work. Go home shopping with your real estate agent, or we’ll pair you with one of our trusted agents. Once you choose the home, we buy it. Yes, really.
Who takes care of the inspection, closing costs, homeowners insurance & property taxes?
Because Divvy will own the home while you’re saving up to buy it from us, we make sure that what we buy is a solid investment and in good shape for the long haul. We take care of the inspection, closing costs, property taxes, and homeowners insurance.
When can I buy my home from Divvy?
You can buy the home at any time during your three-year lease. We offer two buyback prices: a lower one if you purchase your home before the 18-month mark and higher one if you buy in the second half of your lease.
Am I tied in for 3 years?
We get that things change and that you may need to end up moving instead of buying back. You can walk away at any point, and we’ll cash you out your savings less a relisting fee (as a percent of the initial purchase price).
How does Divvy make money?
Divvy makes money from your monthly rent payments and from the home’s appreciation over time. That’s it. What’s unique about Divvy is how we share the benefits of homeownership:
Save for a future down payment.
About ¼ of every monthly payment goes toward your savings for a down payment. Whenever you’re ready, you can either use those savings to buy the home from us or cash it out minus a relisting fee.
Benefit from home appreciation
We’ll give you a preset price at which you can buy the home from us. Even if the home increases in value, it doesn’t change your price.
Not finding what you’re looking for?
We’re here to answer any of your questions. Reach us at admin@garygrouprealty.com.
