Is it hard to qualify for Divvy?
What credit score do you need for Divvy
We accept a minimum FICO credit score of 550—so even if you've hit a few bumps in the road, Divvy could be the right partner for you.
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Why would Divvy deny me
Your monthly household income didn't meet our requirements: We need to review your last 3 months, or more, of income. You may have just received a raise or gotten a new job, but unfortunately, we can't look at future income when we underwrite you. Once you meet our minimum income requirements, feel free to re-apply!
How long does it take to get approved for Divvy
We'll review your application and usually get back to you within 24-48 hours to let you know if you're approved to go home shopping. We'll get in touch if we need any additional documents. After approval, you'll receive an email including your Divvy approved monthly budget and estimated home budget range.
Is Divvy a good idea
Divvy Homes Program has worked well for me. I have been living in one of the houses for 18 months. Each time I had a maintenance issue the Maintenance Team resolved the problem immediately. I am very satisfied with Divvy Homes Program and yes recommend it to anyone.
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Does Divvy verify income
Divvy needs to verify your income in order to give you a budget so you can begin shopping for a home. Depending on your employment, here's what we'll need: Salary/Hourly Pay: Pay stub from the most recent month (must be within 30 days)
Does Divvy check your bank account
Divvy uses your banking information for underwriting purposes, to verify your account and so you can make payments to Divvy.
How does Divvy determine budget
Similar to a mortgage lender, we evaluate your budget based on what we believe you can afford monthly, ensuring that your payments to Divvy and other debts never exceed 50% of your monthly income. We believe this system is best for the customer and best for the housing market.
Is Divvy a line of credit
About Divvy
Divvy is an expense management platform that connects to physical and virtual charge cards. Divvy is free to use; however, with an unsecured line of credit, businesses are assigned a specific credit line that determines the amount they can spend using their Divvy cards.
What is the debt to income ratio for Divvy
Divvy approves customers based on the customer's calculated maximum debt-to-income ratio (calculated by dividing total monthly debt payments by gross monthly income). We allow for a maximum debt-to-income ratio of up to 50% depending on the customer's credit history.
Does Divvy approve bad credit
What credit score do I need to work with Divvy Homes You'll need an Experian FICO score of at least 550 to qualify for Divvy. The company also evaluates your credit history and any recent bankruptcies, foreclosures and delinquencies to determine if you're a good fit for the program.