If you’re able to include additional income in your application, or if your debt-to-income ratio improves, you might qualify! If your current financial situation doesn’t allow us to approve you for the minimum budget, we can’t move you forward. We couldn’t approve you for the required minimum budget in your metro area: There is a required minimum monthly budget in each of our metro areas ( you can find those here).
#DIVVY CREDIT FREE#
Once you meet our minimum income requirements for 3 months, feel free to re-apply! You may have just received a raise or got a new job, but unfortunately, we can’t look at future income when we underwrite you. Your monthly household income didn’t meet our requirements: We need to review your last 3 months, or more, of income.Divvy’s application automatically resets after 30 days, so we definitely invite you to reapply! You can find some tips on improving your credit score here. Most credit scores “update” every 30 days, so keep an eye on your situation. Your score with other bureaus may look different, so keep that in mind. Your FICO score didn’t meet our requirements: We look for a minimum FICO score of 550, using Experian v2.Here are a few reasons why you might have been declined and some advice on next steps: We never want to put someone in a home they can’t afford, or in a situation that could hurt them financially. When approving applicants for Divvy, our main focus is ensuring our customers can afford their monthly payments. We do this to make sure our customers will have the best experience with our program and successfully buy back their homes! According to the company, anyone who has a credit score of at least 500 and no bills in collections is eligible.Why was I declined? To qualify for Divvy, we require all applicants to go through our underwriting process. On its website, renters can get pre-qualified online. On the tech side, Divvy is looking to do no less than revolutionize the homebuying process. “Our highest priority is to educate, support, and partner with our home buyers to make sure they transition smoothly into homeownership,” Brian Ma cofounder and CEO of Divvy said.”Our program is specifically designed to be fair and transparent - we want every home purchase to be a win for our customers.”
The company, which just received a round of funding from several venture capitalists, including Max Levchin, a PayPal co-founder, is currently available in the Cleveland and Atlanta markets, according to a press release. The company promises that the buyback price won’t change during that time period. Of course, the renter also has the option to buy the home outright at any point before that.Įach home has a pre-determined buyback price based on Divvy’s projection of its market value in three years. The business model aims to facilitate the eventual purchase of the home by building up 10% of equity credit over three years.
Divvy allows renters to build equity credit toward buying home
The San Francisco-based service, which bills itself as “a tech enabled rent-to-own business,” claims to have 200 people a week already applying for its program. A new tech startup that allows renters to build up credit for a potential home purchase down the line may be just what the doctor ordered for those who can’t afford to buy right away.ĭivvy Homes soft-launched near the beginning of the year and is already making waves in the real estate world.
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