1. Help Center
  2. How does the Divvy program work?

Home Savings FAQs

Monthly savings are like your home savings account. You start out with at least 2%, and build toward 5% or 10% savings over your lease. You can use these savings towards the down payment and closing costs if you choose to purchase the home.

What are home savings contributions? 

Home savings is the amount that a customer contributes on a monthly basis, in addition to their monthly rent payment. These savings are set aside to help build towards a future down payment for the customer (typically 5-10% of the purchase price of the home).

There are two types of home savings plans – Fixed and Flexible. 

What is a flexible home savings plan? 

When on a flexible savings plan, Divvy does not require any monthly savings. Instead, tenants have the option to choose when and how much they save with Divvy. In 3 years, tenants can choose to save up to a 10% down payment for their Divvy home.

Note: 2|2 FLEX is the only eligible build for flexible home savings today

What is a fixed home savings plan? 

When on a fixed savings plan, savings for your down payment are built right into your monthly payment, and add up over time. In 3 years, tenants can save up to a 10% down payment for their Divvy home.

Note: 2|5, 2|10, 1|5 are the only eligible build for fixed home savings today.

What is a home savings target?

The savings target is the estimated percentage down needed for your future down payment to help you qualify for a mortgage when you’re ready. 

Note: for 2|5, 1|5, 2|10 savings targets are fixed and represented by the second number in the build (e.g. 2|10 is 2% down, 10% savings target); for 2|2 FLEX Divvy recommends a 5% savings target.

What does total home savings mean?  

This amount is the total savings that you have accrued during your lease. These savings include your initial down payment, any monthly saving contributions and any appreciation of savings to date. When you are ready to purchase the home, your Total Home Savings can be applied towards your down payment.

What is savings appreciation?

One perk of saving with Divvy is that savings contributions can grow with the value of your home. That means if your home appreciates 4% per year, so do your savings. That’s earned money and a higher rate than the typical savings account!

The total amount of savings appreciation based on all past contributions (initial payment, monthly home savings) are available to a customer if they choose to buy the home.