What is a monthly budget?

Monthly budget represents the maximum amount (not a penny more) that you are approved to spend on a monthly payment that Divvy would charge in order to rent-to-own a Divvy home.

You may receive several iterations of the monthly budget based on the stage in the application process you have progressed through, but the final, approved monthly budget, not the estimated home budget, is what you and the agent should reference when looking at options for homes that fit within your budget.

In this example, $2,747 is the maximum monthly payment (aka, monthly budget) this customer can put towards a home. The estimated home budget is just an estimate that gives you a sense of the home price ballpark, but is not the number to follow when determining which Divvy homes are within your monthly budget.

The price of the home is important and affects the monthly payment on the home, but your approved monthly budget is the number you need to stay under when shopping for Divvy-eligible homes.

Using the example above, where a customer has a monthly budget of $2,747, below are three different 3-bedroom homes in the same metro area and where their monthly payments fall relative to the customer's monthly budget.

While the map on the Divvy Home Search page lists homes by price, the listing for each property highlights the monthly payment, which your monthly budget should cover.