The program considers credit, background, and income of all full-time household members 18 years of age and older. The application is absolutely FREE.
Residents: The following are general eligibility for requirements for the program. ✧ 550+ FICO score from Experian Credit Bureau (score does not guarentee approgal if all other conditions are not met) This program looks beyond just an applicant’s FICO score when assessing an application. Factors similar to recent delinquencies, the types of loans recently delinquent, and the number of successful loans in an applicant’s credit history are used when assessing an application. ✧ A maximum debt-to-income ratio of 50% including a potential Rent To Own payment ✧ No evictions in the last 12 months In addition to no evictions in the previous year, this program looks at the number of recent attempted evictions as part of its application review. ✧ No bankruptcy in the last 12 months ✧ Pass a criminal background check To qualify for this program an applicant must pass a criminal background check. The company evaluates the recency and severity of convictions when reviewing an applicant’s criminal record. Divvy Homes does not have a “no prior felonies” policy for applicants.
Property Eligibility Criteria:
Location: ✧ Properties must be located in an approved community
Type of Home: ✧ Single-family and townhomes are great for Divvy (no condos) ✧ The home’s deed must be “Fee Simple” ✧ There are no limits or restrictions on the square footage of the home ✧ There is an acreage restriction, the home must be on less than 2 acres of land
Ineligible Home Types: ✧ Condos ✧ Foreclosures ✧ Pre-foreclosures ✧ Short sales ✧ Bank-owned / county-owned ✧ Fannie / Freddie-owned ✧ Assignee contracts from wholesalers ✧ Manufactured or mobile homes
Condition: ✧ Homes must be in good cosmetic and structural condition including any outbuildings We want your home to be in great condition before you move in. When home shopping, there are a few warning signs that a home may not be in the best condition and wouldn't pass the program's inspection.
Look out for: ✧ Listings containing the words “sold as-is” ✧ Listings containing the words “fixer-upper” ✧ Listings saying the home is “not habitable” ✧ Home has less than 10 photos
NOTE: Prior to closing, homes must be vacant and empty of all seller’s personal belongings.