Making Home Ownership Possible – Is Divvy The Answer?
Over the past decade, the dream of owning a home keeps falling further out of reach. American wages have not kept up with rising home prices. We’ve seen tougher lending practices and we’re facing rising interest rates. Unfortunately, the current conditions don’t favor renters looking to take advantage of owning a home.
So, what’s the answer? How can renters become homeowners? One thing is for sure, many renters are missing out on one the best wealth-building opportunities: homeownership.
Now, for those of us in the business, we know something isn’t kosher the moment we hear the term “rent to own”. Rent to own sounds good but we’ve seen the results, we know it rarely if ever works out in the favor of the renter.
What if there was a better way to build that “rent to own” mouse trap? What if some real estate start-up company thinks they solved the
“rent to own” riddle? Would you be interested?
Welcome to Divvy! Divvy’s motto “Rent less. Own more, every month”. In simple terms, Divvy makes it possible for renters to turn a portion of their monthly rent into a down payment. Basically, Divvy allows renters a path to homeownership while they amass 10 percent of its worth in equity credit over three years. After that, renters can purchase the home by paying a down payment from the monthly credits and getting a mortgage.
Ok, there you have it… I don’t know if Divvy is the answer but I have to say; I’m rooting for them. I don’t root for that many RE start-up companies, but I’ll make an exception and hope they can make it happen.
As I, Divvy believes in the value of owning a home. I am a fan of those looking to help renters become homeowners. And I am all for finding workable solutions and turning the dream of owning a home and turning it into a reality.
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