How does drAVEst work?

Apply to drAVEst. You’ll find out within 24 hours whether you prequalify for our program.Once prequalified, you submit income verification documents to tell us more about you so that we can design a personalized program to fit your needs. Learn more about these documents here: salaried, self-employed, passive income.Find your dream house with the help of a drAVEst realtor or one of your choosing. drAVEst will buy it with an all-cash offer.Move into your new home and start renting from drAVEst. While renting, you will build your credit and down payment savings with the help of a drAVEst Homeownership Coach.As soon as you are mortgage-ready, you buy the house at a pre-set price and own your home!

What is the timeline for the drAVEst Program?

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 submit your initial application. We will let you know if you’re pre-qualified within one business day.You upload documents to verify your employment status and income. We’ll let you know if anything is missing or we need any additional information.The drAVEst Underwriting Team performs an analysis of your file to create a budget and program tailored specifically to you. Your budget will be the maximum amount that drAVEst can spend on your new house.You find the home of your dreams!drAVEst will close on your property in approximately 21 days – this process includes an appraisal and inspection.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!

What if the home appraises for less than when drAVEst bought it?

If it comes time to buy your home and it’s appraised at a lower value, you have a few options.You can submit the appraisal report to drAVEst and allow us to contest the results.You can seek a second appraisal opinion or a different lender for your mortgage.You can postpone the buyback process and allow the home to continue appreciating in value, or cover the difference in cost yourself.You can also simply walk away from the home and pay the 3% relisting fee.

What if I had a bankruptcy or a foreclosure?

For a Chapter 13 bankruptcy, you may be eligible for drAVEst if your discharge date is at least 12 months ago and you’ve made all your payments on time over the last year.For a Chapter 7 bankruptcy, you may be eligible for drAVEst if your discharge date is at least 12 months ago and you’ve made all your payments on time over the last year.For a foreclosure, your name must have been removed from the title at least one year ago.

Why might my application be denied?

Your application will be evaluated on the following factors:Your credit score didn’t meet our current requirementMinimum income of $5,000/month (minimum monthly income requirements vary by location), or $60,000/year (before taxes)On-time payment history and currentness of existing obligationsDebt-to-income ratioOther unique credit circumstances, such as a bankruptcy or foreclosureIf 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.

What documents do you require?

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:Last year’s Tax Return2 recent bank statements2 recent pay stubsLast year’s W2For self-employed applicants, you will need all of the following:Last year’s Tax Return Form2 recent bank statements (both personal and business accounts, if applicable)Year-to-date Profit & Loss StatementFor applicants receiving:Retirement/Social Security/VA/pension benefits, you will need: official documentation or benefit verification letters stating how much you receive each month.Child support, you will need: the court-ordered agreement and proof that you have received payments for the last six months.

What homes are available through drAVEst?

You’ll be able to move into properties that meet the following requirements:Priced between $110,000* and $500,000Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)Move-in ready condition; we cannot work with “as is” listingsCannot have water, termite, foundation, or roof damageBuilt in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation*In the following locations, the minimum budget we approve applications for is higher:Jacksonville, FL: $150,000Orlando, FL: $200,000Tampa, FL: $160,000Atlanta, GA: $160,000Baltimore, MD: $160,000Silver Spring, MD: $230,000Charlotte, NC: $165,000Columbus, OH: $140,000Philadelphia, PA: $150,000Columbia, SC: $145,000

What are my drAVEst payments?

Your monthly payment is divided into two parts:Rent, which is based on the location rental prices in your area. If applicable, HOA fees will be added to your rent.Contribution to down payment savingsClick to use our Home Calculator to learn more about your monthly payment breakdown. That’s it – no hidden costs or fees!

I’m an agent / broker. How can I work with drAVEst?

Thousands of agents across the country partner with drAVEst in the following ways:Referring clients to the drAVEst Program to help them become homeownersActing as the buyer’s agent on our purchase and earning your full buyer’s commissionIf you would like to partner with us, please reach out to drAVEst@middlecreditscore.com

What types of homes does drAVEst purchase?

drAVEst can buy homes that meet the following requirements:Priced between $110,000* and $500,000Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)Move-in ready condition; we cannot work with “as is” listingsCannot have water, termite, foundation, or roof damageBuilt in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation*In the following locations, the minimum budget we approve applications for is higher:Jacksonville, FL: $150,000Orlando, FL: $200,000Tampa, FL: $160,000Atlanta, GA: $160,000Baltimore, MD: $160,000Silver Spring, MD: $230,000Charlotte, NC: $165,000Columbus, OH: $140,000Philadelphia, PA: $150,000Columbia, SC: $145,000

How do I invite a client or refer a listing to drAVEst?

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:Priced between $110,000* and $500,000Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)Move-in ready condition; we cannot work with “as is” listingsCannot have water, termite, foundation, or roof damageBuilt in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation*In the following locations, the minimum budget we approve applications for is higher:Jacksonville, FL: $150,000Orlando, FL: $200,000Tampa, FL: $160,000Atlanta, GA: $160,000Baltimore, MD: $160,000Silver Spring, MD: $230,000Charlotte, NC: $165,000Columbus, OH: $140,000Philadelphia, PA: $150,000Columbia, SC: $145,000

I’m a lender. How can I work with drAVEst?

drAVEst partners with lenders in the following ways:You refer potential clients to us who want to buy properties but are not yet mortgage eligibleWe coach your clients to become mortgage-ready by the end of the drAVEst programIf you would like to learn more about a partnership with drAVEst, please reach out to drAVEst@middlecreditscore.com.

What types of homes does drAVEst purchase?

drAVEst property requirements:Priced between $110,000* and $500,000Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)Move-in ready condition; we cannot work with “as is” listingsCannot have water, termite, foundation, or roof damageBuilt in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation*In the following locations, the minimum budget we approve applications for is higher:Jacksonville, FL: $150,000Orlando, FL: $200,000Tampa, FL: $160,000Atlanta, GA: $160,000Baltimore, MD: $160,000Silver Spring, MD: $230,000Charlotte, NC: $165,000Columbus, OH: $140,000Philadelphia, PA: $150,000Columbia, SC: $145,000

How does drAVEst determine the rent payment on a home?

Monthly payments are composed of two parts:Rent, which is based on the location rental prices in the area. If applicable, HOA fees will be added to the rent.Contribution to down payment savingsClick to use our Home Calculator to learn more about how we break down the monthly payment.

FAQ's - drAVEst RE

FAQ's

We are here to help.

General

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!

Apply to drAVEst. You’ll find out within 24 hours whether you prequalify for our program.
Once prequalified, you submit income verification documents to tell us more about you so that we can design a personalized program to fit your needs. Learn more about these documents here: salaried, self-employed, passive income.
Find your dream house with the help of a drAVEst realtor or one of your choosing. drAVEst will buy it with an all-cash offer.
Move into your new home and start renting from drAVEst. While renting, you will build your credit and down payment savings with the help of a drAVEst Homeownership Coach.
As soon as you are mortgage-ready, you buy the house at a pre-set price and own your home!

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 submit your initial application. We will let you know if you’re pre-qualified within one business day.
You upload documents to verify your employment status and income. We’ll let you know if anything is missing or we need any additional information.
The drAVEst Underwriting Team performs an analysis of your file to create a budget and program tailored specifically to you. Your budget will be the maximum amount that drAVEst can spend on your new house.
You find the home of your dreams!
drAVEst will close on your property in approximately 21 days – this process includes an appraisal and inspection.

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.

You can submit the appraisal report to drAVEst and allow us to contest the results.
You can seek a second appraisal opinion or a different lender for your mortgage.
You can postpone the buyback process and allow the home to continue appreciating in value, or cover the difference in cost yourself.
You can also simply walk away from the home and pay the 3% relisting fee.

Application

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.

When we set your budget, we are doing our best to ensure that you will be able to get a mortgage at the end of the program. Our calculation takes into consideration your debt-to-income (DTI) ratio, savings balance, preferred rent amount, and desired home price

For a Chapter 13 bankruptcy, you may be eligible for drAVEst if your discharge date is at least 12 months ago and you’ve made all your payments on time over the last year.
For a Chapter 7 bankruptcy, you may be eligible for drAVEst if your discharge date is at least 12 months ago and you’ve made all your payments on time over the last year.
For a foreclosure, your name must have been removed from the title at least one year ago.

Your application will be evaluated on the following factors:

Your credit score didn’t meet our current requirement
Minimum income of $5,000/month (minimum monthly income requirements vary by location), or $60,000/year (before taxes)
On-time payment history and currentness of existing obligations
Debt-to-income ratio
Other unique credit circumstances, such as a bankruptcy or foreclosure

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:

Last year’s Tax Return Form
2 recent bank statements (both personal and business accounts, if applicable)
Year-to-date Profit & Loss Statement

For applicants receiving:

Retirement/Social Security/VA/pension benefits, you will need: official documentation or benefit verification letters stating how much you receive each month.
Child support, you will need: the court-ordered agreement and proof that you have received payments for the last six months.

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.”

Picking a Home

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:

Priced between $110,000* and $500,000
Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)
Move-in ready condition; we cannot work with “as is” listings
Cannot have water, termite, foundation, or roof damage
Built in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation

*In the following locations, the minimum budget we approve applications for is higher:

Jacksonville, FL: $150,000
Orlando, FL: $200,000
Tampa, FL: $160,000
Atlanta, GA: $160,000
Baltimore, MD: $160,000
Silver Spring, MD: $230,000
Charlotte, NC: $165,000
Columbus, OH: $140,000
Philadelphia, PA: $150,000
Columbia, SC: $145,000

Yes! If you already have an agent, we’ll happily work with them. If you don’t, we’ll match you with one of our preferred agents in your area. All of our preferred agents have been screened and vetted in order to work with you.

That’s great! Please email the details to drAVEst@middlecreditscore.com after you apply and we will try to make it work for you.

Our Real Estate experts will offer competitive, all-cash offers based on market conditions, and the recent sale prices of comparable properties in your area. We work with your agent to negotiate the lowest price we can, and pass on the savings to you in the form of lower rent. We’ll always take your feedback into account regarding our offer price, just let us know!

Rental Period

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!

Yes! You will have access to a dedicated Homeownership Coach to help build your credit and save for a down payment so that you will qualify for a mortgage as soon as possible.

Yes, as with any other rental you will need to pay a security deposit. As long as the home is kept in good condition, it will be returned to your down payment fund at the end of your rental period so that you can use it to buy your home!

Your monthly payment is divided into two parts:

Rent, which is based on the location rental prices in your area. If applicable, HOA fees will be added to your rent.
Contribution to down payment savings

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.

Yes! You just need to register your pets before moving into your new home. There is no pet deposit or fee required.

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.

Buying your Home

Yes! You can purchase the house anytime throughout the lease period. We never want our clients to rent longer than they need.

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.

Your down payment fund will cover all fees and closing costs.

Agents

Thousands of agents across the country partner with drAVEst in the following ways:

Referring clients to the drAVEst Program to help them become homeowners
Acting as the buyer’s agent on our purchase and earning your full buyer’s commission

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.

No, you will not be charged any fees. You will earn a full buyer’s commission as if you represented your client directly.

drAVEst can buy homes that meet the following requirements:

Priced between $110,000* and $500,000
Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)
Move-in ready condition; we cannot work with “as is” listings
Cannot have water, termite, foundation, or roof damage
Built in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation

*In the following locations, the minimum budget we approve applications for is higher:

Jacksonville, FL: $150,000
Orlando, FL: $200,000
Tampa, FL: $160,000
Atlanta, GA: $160,000
Baltimore, MD: $160,000
Silver Spring, MD: $230,000
Charlotte, NC: $165,000
Columbus, OH: $140,000
Philadelphia, PA: $150,000
Columbia, SC: $145,000

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:

Priced between $110,000* and $500,000
Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)
Move-in ready condition; we cannot work with “as is” listings
Cannot have water, termite, foundation, or roof damage
Built in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation

*In the following locations, the minimum budget we approve applications for is higher:

Jacksonville, FL: $150,000
Orlando, FL: $200,000
Tampa, FL: $160,000
Atlanta, GA: $160,000
Baltimore, MD: $160,000
Silver Spring, MD: $230,000
Charlotte, NC: $165,000
Columbus, OH: $140,000
Philadelphia, PA: $150,000
Columbia, SC: $145,000

We use standard local contracts.

Lenders

drAVEst partners with lenders in the following ways:

You refer potential clients to us who want to buy properties but are not yet mortgage eligible
We coach your clients to become mortgage-ready by the end of the drAVEst program

If you would like to learn more about a partnership with drAVEst, please reach out to drAVEst@middlecreditscore.com.

You can refer any client that wants to buy a house but does not qualify for a mortgage. Common reasons include low credit, deficient savings, a recent bankruptcy, and/or self-employment.

drAVEst property requirements:

Priced between $110,000* and $500,000
Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)
Move-in ready condition; we cannot work with “as is” listings
Cannot have water, termite, foundation, or roof damage
Built in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation

*In the following locations, the minimum budget we approve applications for is higher:

Jacksonville, FL: $150,000
Orlando, FL: $200,000
Tampa, FL: $160,000
Atlanta, GA: $160,000
Baltimore, MD: $160,000
Silver Spring, MD: $230,000
Charlotte, NC: $165,000
Columbus, OH: $140,000
Philadelphia, PA: $150,000
Columbia, SC: $145,000

Monthly payments are composed of two parts:

Rent, which is based on the location rental prices in the area. If applicable, HOA fees will be added to the rent.
Contribution to down payment savings

Click to use our Home Calculator to learn more about how we break down the monthly payment.

No, you will not be charged any fees.

Homebuilders

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:

Priced between $110,000* and $500,000
Single-family home or fee-simple townhouse only (No condos, trailers, modular, or manufactured homes)
Move-in ready condition; we cannot work with “as is” listings
Cannot have water, termite, foundation, or roof damage
Built in 1978 or later – older homes will be considered on a case-by-case basis if it is on public utilities and has recently undergone a full renovation

*In the following locations, the minimum budget we approve applications for is higher:

Jacksonville, FL: $150,000
Orlando, FL: $200,000
Tampa, FL: $160,000
Atlanta, GA: $160,000
Baltimore, MD: $160,000
Silver Spring, MD: $230,000
Charlotte, NC: $165,000
Columbus, OH: $140,000
Philadelphia, PA: $150,000
Columbia, SC: $145,000

Monthly payments are composed of two parts:

Rent, which is based on the location rental prices in the area. If applicable, HOA fees will be added to the rent.
Contribution to down payment savings

Click to use our Home Calculator to learn more about how we break down the monthly payment.

We use standard local contracts.

Become a homeowner.

Apply for our drAVEst program and see how we can help you on your homeownership journey.

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General

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Homebuilders

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