Once fully-approved, you can shop with a real estate agent to find a home. You’ll also need to provide proof of down payment, generally deemed to be the greater of $1,250 or 2% of purchase price.
#Divvy home free
Want a fast, free rate quote? Quickly get matched with a top mortgage lender today! They also don’t allow for the purchase of foreclosures, pre-foreclosures, short sales, bank-owned, county-owned, and Fannie/Freddie-owned properties. Additionally, the deed must be “fee simple.” However, the price must fall between $60,000 and $300,000, and the acreage cannot exceed two acres.
Condos don’t qualify unless title is “fee simple.” Like a normal home purchase, you use a real estate agent to look for a suitable home that fits within your budget, once you are fully approved with Divvy.ĭivvy says nearly all listed homes fit their fairly wide criteria, including single-family homes and townhomes.
If you go that route, Divvy will only share 8.5% of the home’s final sale value, as they need to deduct 1.5% to cover selling costs.Īt any time, you can see how much you’ve accrued via the Divvy portal, assuming you plan to apply for a mortgage and purchase the place. You can also choose not to buy the home after your three-year lease ends, at which point Divvy will sell the home and cash out your equity credits.
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