How Do I Qualify for the Divvy Rent-to-Own Program?

Curious about how to get started with Divvy? Wondering what we look for during our application process? We’re taking a look at our minimum requirements, the application process, and the approval timeline. Let’s dive in!

What are the minimum requirements?

We review each application individually, but there are a few things our team looks for when approving applications. Here are the minimum requirements to qualify for Divvy.

  • A FICO score of at least 550: Be aware that not all FICO scores are calculated the same way. Your score through your credit card company or third-party service could appear differently.
  • A minimum monthly household income of $2,500: You can add a co-applicant during the application process.
  • 3 months of verifiable income: We look for 3 months of steady income. You’re able to add multiple income sources including self-employment. Just know that self-employed income can take a little longer to verify.
  • Bank statement showing $2,000 for your down payment: Before you move into your Divvy home, you’ll put down a small down payment (usually about 2% of the home’s value). All that money will go towards your future down payment once you’re ready to qualify for a mortgage and buy back your home.
  • A debt to income ratio of less than 50: Meaning your monthly debt payments are less than 50% of your monthly income. We want to make sure you’re able to work on your financial situation and afford your home.

How does the application process work?

You can think of the Divvy application process in two phases—first, a quick application to get a sense of your financial situation, and second, a more in-depth review to get you fully approved and give you a home shopping budget.

Phase 1: Getting pre-qualified

  • Step 1: We’ll ask you a few questions, like where you’re looking to live and when you’re looking to move
  • Step 2: Share your monthly income and monthly rent payments
  • Step 3: Run a soft credit check—don’t worry, this won’t affect your score. On rare rare occasions, we might not be able to get enough information from a soft credit check. We’ll always ask your permission before running an additional credit check.

If everything checks out, you’ll be pre-qualified! We’ll give you a preliminary budget, so you get a sense of what kind of home you’ll be able to afford. Then, you’ll move on to getting fully approved. 

Phase 2: Getting fully approved

To get you fully approved and ready to shop for homes, we’ll ask you for:

  • Income documents—like pay stubs, W-2s, or tax returns to verify your income from the last 3 months
  • Proof of funds—we’ll need to see proof of $2,000 in your bank account. You can connect your brand, upload a statement, or even share a screenshot of your bank account
  • A government-issued photo ID
  • Permission to run a background check—As a landlord, we need to perform a background check, but we evaluate applications individually.

Then, we’ll review your application to get you fully approved for a final budget. Your Divvy budget works like this:

  • You’ll get a budget for your maximum monthly payment—this is to make sure your payments are affordable and can work within your household budget
  • You’ll also get a total home budget

We always recommend searching for homes with our search tool—it will give you both a total home price and a monthly payment estimate. It’s important to know that homes within your total home budget might not work within your maximum monthly payment. That’s because rent prices will differ due to factors like the type of home and neighborhood. 

Once you have your final budget, you’ll be ready to go shopping for your dream home!

How long will it take to get approved?

If all your documents are uploaded correctly, the approval process could be as quick as 24 hours. But on average, it takes 3 days to start your Divvy application and get fully approved.

Ready to start your homeownership journey? Apply today!

4 thoughts on “How Do I Qualify for the Divvy Rent-to-Own Program?

    1. Hi LaShanda, we look at your pre-tax income during our application process! Let us know if you have any other questions.

      1. Hi Lisa, thanks for getting in touch. We’re able to work with customers who have a previous bankruptcy as long as it’s been discharged for 12 months or more at the time they apply.

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