With the new funding, Divvy plans to increase its market share to more than 70 million Americans in over 20 markets by the end of 2021. Or, if the renter decides against the home, they can walk away and receive cash for their savings. The agreement between renters and Divvy is organized so that renters can save up to 10 percent of the home’s value over the course of a three-year lease, but can also buy the home at any time. Initially the renter contributes 1 to 2 percent of the home value to the purchase, then about 25 percent of each monthly payment that follows goes toward saving up for a down payment. Divvy stepped up in place of traditional financing.”ĭivvy Homes, which was founded in 2017, purchases homes on behalf of its customers, then rents the home back to them while the customer continues to build equity on the property.
As a result, families were locked out of homeownership opportunities during a global pandemic - a time when they needed safety and shelter most. “During COVID-19, new mortgages became difficult to secure as banks tightened underwriting requirements for approvals. “At the start of the pandemic, we made a commitment to help and support as many future homeowners as possible,” Adena Hefets, co-founder and CEO of Divvy Homes, said in a press statement. Despite all the headaches that come with it, homeownership is still the American dream for many.
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