Owning property shouldn’t be a privilege reserved for the wealthy
Divvy Homes is a new kind of real estate company. With a goal of making homeownership more equitable by helping customers bypass strict mortgage approvals and astronomically high home prices, Divvy employs a unique rent-to-own model. They’ll buy the desired property for hopeful homeowners – within an approved budget – and the customer can move into the home right away, renting from Divvy while they save up to become mortgage-eligible.
Once the customer is in the home, Divvy pairs them with a credit counselor, free-of-charge, to get them mortgage-ready. One quarter of the customers’ monthly rent payments to Divvy go toward a savings account that can be used toward buying the home. Customers have three years to decide whether they are ready to buy, and if they decide they’re not, they can cash out those savings and move on to their next steps in life.
How it works
Purchasing property is one of the best investments anyone can make, as it appreciates over time – but it’s just not a realistic opportunity for many Americans, particularly those in lower income brackets. Divvy only looks at the past three months of income, has a far more flexible credit score policy than most mortgages, and only asks for an initial contribution of 1-2% down payment on the home. Divvy will cover closing fees, property taxes, and inspection upon purchase.
By placing customers on a path toward wealth creation and financial stability, Divvy is breaking socioeconomic barriers in the real estate sector and making the American Dream a reality for many. Divvy Homes raised $200 million in Series D financing and recently announced another $700 million in debt financing. Divvy Homes is a great placement for applicants interested in a quickly-growing, unique start-up space with a desire to make the world a better place. You can read stories from real people who have benefited from Divvy Homes’ model on their blog, and check out job openings for Divvy Homes and more here.