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.