How do I estimate my Divvy customers budget?

To find your customer's maximum monthly budget, the customer will need to have fully completed their application and our underwriting process.

Once the customer has been underwritten, they will be provided a maximum monthly budget. Divvy approves customers based on their debt-to-income ratio. Our debt-to-income ratios are as follows:


  • If FICO is below 590 we will use the lower of DTI50 or RTI30.
  • Customer ABOVE a 590 FICO: 50% DTI

  • This can be found in an email we sent you from applications@divvyhomes.com with your customer’s approved budget.

 

Once your customer has been approved for Divvy, they will receive this maximum monthly payment budget, not a set home price. Keep in mind that Divvy’s monthly budget is the sum of two components: the rent component and the down payment savings component.

 

Once you have explained to your customer how the monthly budget is used for rent and down payment savings, your customer can start the home search on our website.

 

To start a home search, visit our website (https://www.divvyhomes.com > "Search" in upper right). You can enter the address of the home listed in the MLS on the left-hand side of the screen in our “Look up home” option. You can also select “or browse homes” on the right-hand side of the screen.

 

If you would like to search a home listed on the MLS, select the “Look up home” option. Here, please enter the address of that property in the box that reads “Search for a listing”. If it’s an active listing that fits our property qualifications, this home should automatically populate into the search results.

 

If you would like to search or browse homes in a specific metro where Divvy is purchasing, please click the “Select a metro area”. This will generate a drop-down menu, where you can select the metro in which your client is interested in living.

 

Once a metro has been selected, the homes that fit our initial property criteria will populate. To filter your search results, please select “Filters” on the top right side. These filters will enable the option of searching for homes in a selected city, price, beds, baths, square feet, and year built. There is also an option of hiding pending homes and hiding homes with no photos.

 

It is important to keep in mind when searching for homes to stay within the approved monthly budget. Once the filters have been selected, click “See results”. Here, the filtered homes will appear on the map. You can click through each listing to see how your client’s approval will vary from each listing’s payment options.