What does the Divvy program look like from start to finish? How long does it take to get approved?

Here’s a breakdown of what you can expect from application to move-in day:

    Find out your home shopping budget

    • Apply online and we’ll run a soft credit check to see whether you’re eligible for the program. Don’t worry—this won’t affect your credit score! (We require a minimum credit score of 550*)
    • Once you’re pre-qualified, we’ll ask for permission to run a background check and get a copy of your photo ID, and proof of income documents.
    • We’ll review your application and usually get back to you within 24-48 hours to let you know if you’re approved to go home shopping. We'll get in touch if we need any additional documents.
    • After approval, you’ll receive an email including your Divvy approved monthly budget and estimated home budget range.

    Shop for homes

    • It’s now time to go home shopping with your agent—remember to keep saving while you shop and avoid large purchases that impact your credit!
    • Once you find the perfect home, your agent will submit a request for our team to make an offer. We’ll work closely with your agent to come up with the most competitive offer price for your chosen home.
    • We’ll share our proposed offer price with you, and provide details on all your payments for the upcoming lease, including your monthly savings and future purchase price. 
    • We’ll ask for your permission to move forward with the offer and then you’ll pay a non-refundable deposit** towards your down payment ($500—this money will be credited toward your savings once the offer is accepted). Once you provide approval, we’ll formally submit an offer to purchase the property. 
    • Once an offer has been extended to the seller, Divvy will re-verify your application. The purpose of the re-verification is to ensure that you are still eligible for our program and your income has not changed since the initial approval.

    Close on the home

    • If the offer is accepted, we’ll ask that you make your initial Divvy Savings contribution as well as one full month’s rent at least 7 days before the originally scheduled close date.

    Move-in

    • Once the home passes our in-person evaluation process and you’ve made all the required payments (initial Divvy Savings contribution and one full month’s rent), completed the education items, signed the lease, and performed the final walkthrough, you’ll be ready to move into your new home.
    • Enjoy living in your new home!
    • Whenever you’re ready to purchase your home, our team will work closely with you to get everything prepared.

    If you’re ready to start your homeownership journey, get pre-qualified here

     

    * Be aware that not all FICO scores are calculated the same way—we use Experian as our credit bureau. Your score through your credit card company or third-party service could appear differently. Our credit requirements are also subject to change at any time.

    ** Deposit is non-refundable if the customer's application is terminated after the due diligence period in the applicable purchase agreement