PQ
What is the minimum Fico score?
550
Your FICO score didn’t meet our requirements
We look for a minimum FICO score of 550, using Experian v2. so you can contact them and see what type of options do they have in order to help you to improve your Credit Score
“Can I choose my own agent?”
Yes! Let us know if you already have an agent and we’ll make sure your profiles are linked in our system.however if you desire once you are fully approved to go home shopping with Divvy, we’ll introduce you to a partner agent who can help you navigate the home shopping process.
Is this statement true or false
"The application is 100% complete and the customer is “offer ready”
True
PQA
Pre-Qualified Applicant/Application
When the cx presents the documentation how many consecutive months should demonstrate their income?
3 months
Your monthly household income didn’t meet our requirements:
If you’re able to include additional income in your application, or if your debt-to-income ratio improves, you might qualify! Another option will be add a co-applicant
How link my agent with Divvy?
They sholuld sumit this formThey should complete our Agent Resources
Who will submit the offer?
The agent
HCC
Hard Credit Check
What is the minimum Montly House Income
$2,500.00
You may have entered your Social Security Number incorrectly in the initial soft credit check
If you’re declined, your application will automatically be reset after 30 days. If your financial situation changes, we absolutely encourage you to re-apply! // We can reset SCC and cx can re-apply again.
Can I increase my budget?”
Add a co-buyer/applicant /Add additional income stream to application /Reset application and start over with updated credit score and verified income // Reset application and start over with updated credit score and verified income // Escalate to Underwriting to investigate debt to income ratio
“How do we initiate an offer?”
Only a real estate agent can initiate an offer via their agent portal // Once you’re fully approved, start shopping with your agent for your future home.
Pay a deposit that goes towards your initial home savings contribution (or down payment—typically $500), which officially lets us extend an offer.
POF
Proof of Funds/Proof of Down-Payment/Proof of Savings
Can The applican add a co- buyer?
yes
Do this action only when any aspect of the application that have been filled are not impacted
Reset Soft Credit Check
“When can I submit an offer on a property?”
Only when the customer reaches the Fully Approved stage //Once you’re fully approved, start shopping with your agent for your future home. //After you find a home you love and confirm the monthly payments work within your approved budget, your agent can submit a "Request for offer" through the Divvy Agent Portal.
What's the email where our agents can request support when they submit an offer?
If you have questions during this process, feel free to reach out to us at offers@divvyhomes.com.
MRBS
Most recent bank statement
How many days later can the customer re-apply?
30 days
Reasons for error pulling Soft Credit Check:
Typo on Date of Birth, Social Social Security Number, Name // Fico Score Less than 550
Whats the name of the team who Conditionally Approve the application?
Underwriting team.
“Can we submit an offer above/below asking?”
It depends on the specific situation // There are parameters for increasing offers for each metro, so there may be some room for negotiation // Account Executive will have the best answer for the customer or agent
MRPS
Most recent pay stub