Cannot be a bank-owned property or foreclosure.Purchase price must be between $60,000 to $300,000.Single-family homes and townhomes (condos only if fee simple).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. Over time, you earn “equity credits,” which the company likens to a home savings account.Īs noted, you begin with at least 2% in equity credits, and build toward 5% to 10% over the course of a three-year lease.Īt any time, you can convert those equity credits into a down payment to purchase the property. ![]() How Divvy Payments WorkĮach month, you make a payment just like you would if you rented/owned, but the Divvy payment consists of one part rent (about 75%) and one part “home savings” (about 25%).ĭivvy sets the rent based on the neighborhood’s fair market rent for location, size, etc. ![]() However, if you do stop making payments during that time, Divvy will consider the lease broken, and will only refund half of the total dollars accumulated via monthly payments.
0 Comments
Leave a Reply. |