Or if you just like the idea of homeownership over renting, and want to get in on it without delay, Divvy could again be a good option.Ĭonversely, there are lots of zero down and low-down payment mortgage options available these days that don’t require much more than 2% down. In a nutshell, Divvy is probably geared toward an individual who doesn’t qualify for a mortgage, but wants to buy a specific property.įor example, if you happened to come across your dream home, but a mortgage lender turned you down, Divvy might be able to make it work. Divvy might be a solution and a middle-ground to test out owning a home.But are unable to qualify for a mortgage for whatever reason.Or simply like the idea of homeownership over renting.If you want to live in a particular home.And will not pay for repairs arising out of intentional or negligent damage. You are just responsible for identifying these types of issues, and arranging for a contractor to complete the repairs.īefore a contractor begins their work, you must provide their information and cost estimate to Divvy for approval.ĭivvy does not cover cosmetic repairs, such as painting, carpeting, landscaping, or appliances. This may include roof repairs, HVAC, foundation, electrical systems, and so on. With Divvy, they’ll cover the cost of any maintenance/repairs required to ensure the home is safe and habitable. One nice thing about Divvy is the hybrid set of responsibilities involved.Īs a homeowner, you deal with anything that happens to your home, such as equipment breakdown or unexpected damage. Then Divvy will work with the home seller to purchase the property on your behalf.
The purchase price must work within your approved budget.Īssuming everything checks out, you’ll receive a proposal that breaks down payments and your commitment to Divvy, along with a deposit request toward your down-payment (kind of like earnest money). 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. 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.
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.
0 kommentar(er)
