Unlike a traditional mortgage, Divvy lets you live in your new home as a tenant while you save up to buy. With Divvy, you get all the benefits of homeownership, with the all flexibility of renting.
The best part? Divvy lets you build up savings in your home by allocating a portion of your monthly payment towards your future down payment.
Let’s take a look at some of the key differences between Divvy and a traditional mortgage.
- A mortgage typically requires a down payment of at least 5%. With Divvy, you can select almost any home available on the open market with just 1% or 2% down (an initial home savings contribution that you’ll use for your future down payment when you’re ready to buy).
- Divvy offers a 3-year rent-to-own option, while most mortgages require a 30-year commitment. That means you can try out your home before making the decision to buy.
- Unlike a financed home purchase, Divvy buys all of its homes with cash, meaning you will have a leg-up in negotiations when shopping for your new home.
- In most cases, qualifying for a mortgage requires excellent credit and no previous financial discrepancies, excluding the majority of Americans from this valuable, wealth-building opportunity. Divvy makes it easy to qualify, even if you’ve had some financial difficulties in the past.
Get approved today, go home shopping tomorrow. Sign up here.