#DIVVY APPLICATION STATUS FULL#

Upon signing this agreement, you pay an “option fee.” This amount is 1 to 5 percent of the purchase price of the home you rent. Contract TypesĪ rent-to-own agreement can be a “lease-option” or “lease-purchase.” Here’s how they differ. In this way, throughout the lease, your mortgage eligibility climbs!Īfter lease signing, you engage a realtor to find a home within your approved budget. Firms vary by lease periods, ranging from one to five years.ĭepending on the particular RTO program, each monthly rent may include a fee credited toward your future down payment. This agreement defines your responsibilities and those of the investment company.

In turn, this amount stipulates the home purchase price you can afford. Once the company approves you, it calculates your monthly rent.

#DIVVY APPLICATION STATUS FULL#

You’ll also undergo a full background check and credit evaluation. The application will require your annual household income and verification documents. Joining a Programįirst, you apply online at the company website. Some compensate the firm for its cash outlay and administrative costs. Your monthly payments include rent and specific fees. Meanwhile, the investment company is your landlord.

Companies have various ways of helping you do this, detailed below. While leasing, you beef up your financial status, gaining mortgage eligibility. They pay cash for homes, renting them to those financially capable of future ownership.Įach firm has a structured program, enabling you to lease a home for a certain period with the intent to buy it. A rent-to-own (RTO) company consists of real estate investors.

Divvy application status