It is free to apply to Divvy!
It is free to apply to Divvy! Your down payment and monthly payments will be a function of the home that you select.
Each home has two unique payments you will need to be aware of:
1) A down payment (one time), and 2) A monthly payment (repeats monthly).
1. Your Down Payment is very simple to calculate -- it's equivalent to 2% of the home price (for example, a $200,000 home would require a $4,000 down payment)
2. Your Monthly Payment has two components: A) Fair market rent (about 75% of the monthly payment), and B) Equity savings (the remaining 25%). 100% of the equity portion of your monthly payment goes to your future down payment - there is no "option premium" or "program fee"
Because 75% of your monthly payment is based on fair market rent for the specific home in question, you may encounter cases where two properties listed at the same price will wind up having different monthly payment obligations. This is a result of homes in some areas commanding higher rent than homes in other areas.