How we help a customer build towards a down payment for a future purchase
You can think of the monthly contributions like a savings mechanism used to save cash to be used towards purchasing a home.*
Every Divvy customer starts out contributing an initial payment of 1-2% of Divvy’s purchase price of the property. This is their initial savings contribution. Then, each month they have a monthly payment to Divvy, which includes two components: rent and savings. With each monthly payment the savings component helps them save to a goal of 5-10% of the purchase of the home over 3 years. Percentages vary in relation to the FICO score of the applicant.
Below are the current savings plans available to Divvy customers based on their FICO scores:
|
FICO 650 + |
2% Down, 2% Build |
|
FICO 650 + |
1% Down, 5% Build |
|
FICO 600 + |
2% Down, 5% Build |
|
FICO 550 + |
2% Down, 10% Build |
The savings contributions may be used towards the cost of the down payment and/or closing costs to purchase the home.*
*Subject to lender rules and regulations, where applicable.