drAVEst is a homeownership program for renters who want to become homeowners but need help to prepare for a mortgage. You can rent your dream home for up to two years until you’re ready to buy it. During that time, you will build your credit and down payment savings with the help of a drAVEst Homeownership Coach. As soon as you are ready for a mortgage, you will buy your home and instantly become a homeowner without moving again!
It’s free to apply to drAVEst. Once you’re approved and have selected your home, you’ll contribute a minimum of 2% of its price as an initial down payment. This money is used to kickstart your down payment savings, which you’ll use to buy the home when you’re ready for a mortgage.
While you’re renting, your monthly payment is based on fair market value for rent in your city, plus your monthly contribution to your down payment savings fund.
If you buy your home within the first 12 months of the program, you’ll pay a buyback price that’s 4% higher than the home’s original appraised value. After 12 months, the price climbs by 1% every 3 months, reaching 8% in 24 months.
In the state of Maryland specifically, the buyback price will be 5% higher than the home’s original appraised value, and will climb at a rate of 1.25% every 3 months, reaching 10% in 24 months.
There are no hidden costs when you work with drAVEst. To get a sense of what you could pay each month, try our home calculator.
It generally takes a minimum of 4 weeks between hitting the “Apply” button and moving into your new home. Oftentimes it takes our clients a bit longer to find the home of their dreams, so we recommend beginning the process at least 2 months before you’re ready to move. This includes the following steps:
You can expect the drAVEst Program to last 1-2 years, but if you reach mortgage eligibility sooner, you can purchase your home early at any time!
With drAVEst, you rent your dream home until you are ready to buy it with a mortgage. You will build your credit and save for your down payment with the help of a drAVEst Homeownership Coach so that you can get a mortgage as soon as possible. Owning your home costs less than renting, so we’ll work together to help you become a homeowner as soon as possible!
drAVEst is not a lender and does not provide mortgages. In the drAVEst program, you will work individually with a Middle Credit Score Homeownership Coach to build your credit and down payment so that you will qualify for a mortgage.
You should be fully committed to owning your home. In the case of an unexpected event, drAVEst will do our best to help you continue your homeownership journey. If you choose to leave the program, you will receive a refund of your down payment savings minus an exit fee (3% of the selling price) to cover our costs.
We make money from the rent you pay us and the appreciation of the house during the rental period.
To make sure we’re always on your side, we don’t take any commissions or fees from our agents. We also never sell your data to anyone.
We currently operate in Alabama, Florida, Georgia, Indiana, Kentucky, North Carolina, Maryland, Ohio, South Carolina, Pennsylvania, Tennessee and West Virginia. Click on your state for an interactive map showing zip codes where we operate extensively (blue areas) and on a case-by-case basis (orange areas).
If it comes time to buy your home and it’s appraised at a lower value, you have a few options.
Fill out our application form here. The application takes just a few minutes to complete, and you’ll find out within one business day whether you’re pre-qualified. The application is free, requires no commitment, and doesn’t affect your credit.
You need a minimum income (before taxes) of $5,000/month (minimum monthly income requirements vary by location), or $60,000/year. We also consider your debt-to-income ratio and on-time payment history to make sure you’ll be able to get a mortgage in the next two years. In certain situations, exceptions can be made, so even if you don’t meet all the requirements please submit an application if you are interested in drAVEst!
No! There is no fee to apply to drAVEst.
Your application will be evaluated on the following factors:
If you are unsure whether you meet the above criteria, please submit an application to drAVEst. If we are unable to work with you at this time, we encourage you to reapply in the future.
Once you are prequalified, you will need to provide documentation to verify your income.
For salaried or hourly employees, you will need all of the following:
For self-employed applicants, you will need all of the following:
For applicants receiving:
Your drAVEst approval letter is valid for 30 days and can be easily extended if you need more time to find your dream home.
No, your credit will not be impacted by any credit pull from drAVEst. We will only make a soft credit inquiry, or a “soft pull.”
You can expect to move in 21 days after our offer to purchase a home is accepted. During these three weeks, drAVEst will order and pay for an appraisal and inspection to ensure that your house is safe, reliable, and fairly priced. You can move in as soon as we’ve closed on the house.
You’ll be able to move into properties that meet the following requirements:
*In the following locations, the minimum budget we approve applications for is higher:
That’s great! Please email the details to drAVEst@middlecreditscore.com after you apply and we will try to make it work for you.
You rent the house from us for up to two years. During this timeframe, you will work with our drAVEst Homeownership Coaches to improve your credit and to save for a down payment. As soon as you qualify for a mortgage, you will buy your home and become a homeowner!
Your monthly payment is divided into two parts:
Click to use our Home Calculator to learn more about your monthly payment breakdown. That’s it – no hidden costs or fees!
Yes! A portion of your monthly payment goes into your down payment savings account. Click to use our Home Calculator to learn more about your monthly payment breakdown.
While you are renting, drAVEst will pay for taxes and homeowners’ insurance. You will pay for all utilities and for any maintenance items under $200. Any maintenance items above $200 will be split 50/50 between you and drAVEst.
If you buy your home within the first 12 months of the program, you’ll pay a buyback price that’s 4% higher than the home’s original appraised value. After 12 months, the price climbs by 1% every 3 months, reaching 8% in 24 months.
In Maryland specifically, the buyback price will be 5% higher than the home’s original appraised value, and will climb at a rate of 1.25% every 3 months, reaching 10% in 24 months.
No, drAVEst is not a lender. We can refer you to local banks and other mortgage lenders that are able to work with you.
Yes! You are able to work with these and many other lending programs. If you’d like, drAVEst can facilitate introductions to lenders to get the process started for you.
Thousands of agents across the country partner with drAVEst in the following ways:
If you would like to partner with us, please reach out to drAVEst@middlecreditscore.com
You can invite any client to drAVEst, but we typically work with clients that want to buy a house but do not yet qualify for a mortgage. Common reasons include low credit, deficient savings, a recent bankruptcy, and/or self-employment.
Yes! If you invite a client to drAVEst, you will represent drAVEst when we buy their house. If you are a drAVEst Preferred Agent, you will also represent us in transactions that we refer to you.
drAVEst Preferred Agents are partner agents who have invited clients to drAVEst and have shown great professionalism in our interactions. In return, we offer them our leads when a client in their area is looking for an agent.
If you would like to apply to be a drAVEst Preferred Agent, please reach out to drAVEst@middlecreditscore.com.
drAVEst can buy homes that meet the following requirements:
*In the following locations, the minimum budget we approve applications for is higher:
drAVEst tries to negotiate the lowest price possible but will offer up to the anticipated appraisal value at our discretion, but not higher than the client’s budget. We welcome feedback or context on local location conditions and pricing from our Agent Partners. drAVEst is an all-cash buyer.
If you have a client interested in a rent-to-own program, please invite them by creating an account through our Partner Portal.
If you have a listing that meets our requirements, you can have them include rent-to-own availability in their listing and refer relevant inquiries to drAVEst.
drAVEst property requirements:
*In the following locations, the minimum budget we approve applications for is higher:
drAVEst partners with lenders in the following ways:
If you would like to learn more about a partnership with drAVEst, please reach out to drAVEst@middlecreditscore.com.
drAVEst property requirements:
*In the following locations, the minimum budget we approve applications for is higher:
Monthly payments are composed of two parts:
Click to use our Home Calculator to learn more about how we break down the monthly payment.
You can work with drAVEst when a potential buyer is interested in your property but may have difficulty getting a mortgage. drAVEst steps in to buy the house with an all-cash offer, then rents the house to the client until they qualify for a mortgage.
If you would like to learn more about a partnership with drAVEst, please reach out to drAVEst@middlecreditscore.com.
drAVEst property requirements:
*In the following locations, the minimum budget we approve applications for is higher:
Monthly payments are composed of two parts:
Click to use our Home Calculator to learn more about how we break down the monthly payment.
Apply for our drAVEst program and see how we can help you on your homeownership journey.