When evaluating applicants, Divvy Homes uses the following minimum criteria:
- A credit score of at least 550*: All applicants need to pass a soft credit check—this won’t affect your credit score. We’ll look at your credit score, recent loan delinquencies, and any foreclosures or bankruptcies**.
- In some cases, a soft credit check might not provide Divvy with enough information to determine your eligibility. If this happens, we’ll reach out and explain how to move forward.
- A minimum monthly income of $2,500: You can add a co-tenant during the application process. The exact minimum required income will depend on factors like your current debt levels and home prices in your desired metro area.
- 3 months of verifiable income: We look for 3 months of steady income. Keep in mind that self-employed income can take a little longer to verify. Learn more about our income documentation requirements here.
- Background check: We run a background check to determine your rental history and criminal background. For criminal background checks, we evaluate the recency and severity of any convictions. For rental history, no evictions should have occurred or been filed in the last 5 years. Divvy does not have a “no prior felonies” policy for applicants.
- A valid government-issued photo ID
- Debt-to-income (DTI) ratio: We look at applicants' debt-to-income ratio, which measures how much of their monthly income goes toward their monthly debt payments. This can be calculated by dividing monthly debt payments (such as car, student loan, personal loan, rent, and minimum credit card payments) by monthly income (before taxes).
- Note: Depending on an applicant's credit score, we may also look at their rent-to-income (RTI) ratio, which measures how much of their monthly income goes toward their monthly rent payments.
*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.
** We may still be able to move forward if a bankruptcy has been cleared for more than one year.