Rental Application

How to Estimate Your Debt to Income Ratio

We recommend that every Applicant estimate their Debt to Income Ratio before submitting this application. Knowing your number first helps you decide whether to apply. The figure you calculate here is an estimate. The Debt to Income Ratio used in screening is calculated from your credit report, your income verification report, and the advertised rent for the home, and those are controlling.

Step 1. Add up your monthly obligations. Include:

• The monthly rent for the home you are applying for (shown in the listing)
• Mortgage payments (every mortgage, even on a home you have listed for sale or under contract)
• Auto loan or lease payments
• Student loan payments (if a student loan is in deferment or shows no required monthly payment, use one half of one percent, 0.5%, of the loan balance)
• Minimum monthly payments on your credit cards
• Personal loan or other installment loan payments

Do not include the rent you currently pay at your present home, utilities, phone, insurance, groceries, child care, or subscriptions.

Step 2. Find your gross monthly income. This is your income before taxes and deductions. If you know your annual gross income, divide it by 12.

Step 3. Divide and convert to a percentage. Divide your total monthly obligations from Step 1 by your gross monthly income from Step 2, then multiply by 100.

Total monthly obligations, divided by gross monthly income, multiplied by 100, equals your Debt to Income Ratio.

Example. The monthly rent for the home is $1,800. Your other monthly debts are $400 (auto), $150 (student loan), and $50 (credit card minimum), totaling $600. Your total monthly obligations are $2,400. Your gross monthly income is $6,000. $2,400 divided by $6,000 is 0.40, multiplied by 100 is 40%, which is under the 41% maximum.

What your number means. A Debt to Income Ratio of 41% or lower meets the standard without an Institutional Lease Guarantor. A ratio above 41% does not meet the standard on its own. On a home where the online advertising indicates an Institutional Lease Guarantor approved by the Broker is allowed, a ratio above 41% and not above 50% may be approved with an approved Institutional Lease Guarantor. A ratio above 50% does not qualify.

This estimate is for your planning only. We apply the Debt to Income standard uniformly to every Applicant without exception, as required by Federal Fair Housing equitable enforcement requirements.

Credit and Delinquency Disclosure

Please be advised that satisfying our minimum credit score requirement does not automatically guarantee approval. Your credit report will be comprehensively reviewed for payment history. Any Delinquency reported as unpaid on your credit report (such as a past-due account, an unpaid collection, an unpaid charge-off, or an unpaid judgment) is a deficiency under these requirements, regardless of your overall credit score or how long ago the Delinquency occurred. An account reported as paid in full, settled with a zero balance, or brought current is not a Delinquency under these requirements, regardless of its past payment history. On a home where the Online Advertising indicates that an Institutional Lease Guarantor approved by the Broker is allowed, a Delinquency may be cured only by an approved Institutional Lease Guarantor and only within the limits stated below. A Single Delinquency greater than the amount of one month's rent, or Total Delinquencies of more than $5,000, cannot be cured by an Institutional Lease Guarantor and will result in the application being declined. On a home where the Online Advertising does not indicate that an Institutional Lease Guarantor is allowed, or when the Applicant does not obtain an Institutional Lease Guarantor approved by the Broker, an application with any Delinquency will be declined.

• Personal Cosigners are not allowed, except as specifically required in the case of a pending divorce.  
• Institutional Lease Guarantors Approved by the Broker are allowed if and when the Online Advertising indicates that they are allowed.
• When the online advertising indicates that Institutional Lease Guarantors are allowed, they are allowed with the conditions listed below.

Income Verification Disclosure

Income for every Applicant is verified through the Broker's screening process, provided by Snappt, a consumer reporting agency. If the Applicant connects bank account data, the income calculation is performed by Finicity. If the Applicant instead uploads documents, the documents must cover the most recent twelve months: twelve consecutive monthly bank statements, or paystubs covering every pay period in the most recent twelve months (twelve if paid monthly, twenty-four if paid semi-monthly, twenty-six if paid biweekly, fifty-two if paid weekly), and the income calculation is performed by Snappt. A submission covering less than the most recent twelve months is not complete, and the remaining documents will be requested. The method of collection determines which entity calculates the income figure.

The income figure stated in the Applicant's FCRA consumer report is the figure used to approve or decline this application. The Broker accepts that figure as calculated and does not recalculate it. The same figure appears in the consumer report provided to the Applicant with any Adverse Action Notice, and questions or disputes about the figure are directed to the consumer reporting agency that calculated it, Snappt or Finicity, whose contact information is provided in that notice.

Applicants must have received at least 12 months of continuous qualifying income. Documents outside the verification process, including CPA-prepared, compiled, reviewed, or unaudited financial statements, letters, or certifications, are not verification and will not be considered.

Affirmation

By proceeding with this application, I acknowledge that I have reviewed the minimum requirements for lease application approval and the Broker's published policies. I understand that applications are evaluated based on these requirements and that the Broker applies these standards consistently to all applicants. If I believe I may not meet one or more of the minimum requirements, I understand that I should submit a written request for consideration prior to completing this application using the following form: https://deanandassociatesinc.com/policy-exception-request-form/ Submitting an application does not guarantee approval, and applications that do not meet the published minimum requirements may be declined.

All Lease Signatories Must Personally Visit the Property & Approve its Condition before a Lease will be offered for signing.

You cannot secure a Property and take it off the Market with an Application. Anyone who will be allowed to or required to sign the lease must personally visit the property and approve its condition before the Broker will prepare and present a Lease for signature. This policy applies to both spouses of a married couple, both members of an unmarried couple and/or both roommates. Viewing by a third party, including a Real Estate Agent, friend, family member or viewing by video conference will not be accepted by the Broker in lieu of a personal visit by all Signatories.

All applicants are required to complete a PetScreening profile, including applicants declaring no pets. If you have pets you must upload a copy of up to date vaccination records to the profile. This is part of completing your Lease Application. You can complete it at PetScreening.com. If your pet does not comply with the advertised pet policy, please submit a Policy Exception Request before completing this application.

No Rental Arbitrage, Sub-leasing, Assignment, etc.

Tenant shall not sublease the Premises or any part thereof, nor shall Tenant permit any other person to occupy the Premises, without the prior written consent of the Landlord in each instance. Any attempt to sublease without such consent shall be considered a material violation of the lease. In the event of an unauthorized sublease, Landlord shall have the right, at their sole discretion, to terminate this lease agreement and initiate eviction proceedings against the original Tenant and any unauthorized sublessees, which may include filing an unlawful detainer action to regain possession of the property.

Occupancy Date Scheduling Rules

The Broker does not accept applications for future occupancy dates beyond the schedule outlined herein. Applications submitted on or before the 22nd of any month must request an occupancy date on or before the 1st day of the following month only, and applications submitted on or after the 23rd of any month must request an occupancy date on or before the 1st day of the second following month only. Applications requesting any other occupancy date will not be considered. The requested occupancy date must strictly comply with this policy, and submission of an application with a non-compliant date may result in automatic denial or cancellation of the application.

Authorized User Policy aka "piggybacking"

When an individual is made an Authorized User on another individual's credit card or revolving credit account their credit score may be positively affected if the Primary Cardholder has good or excellent credit. Individuals with good credit sell Authorized User access to their credit cards and revolving credit accounts commercially and the practice is sometimes referred to as "piggybacking". The Broker is aware that piggybacking is legal, but the Broker and other lenders consider this to be a deceptive practice. When a review of the Applicant's credit report reveals that 33% or more of the Applicant's total credit card limit and or revolving credit limit is supplied by being an Authorized User on another individual's credit card(s) and or revolving credit account(s) and that individual is not a spouse, then the Broker will automatically decline the Application and issue an Adverse Action Notice.

No More than One Family

For the purpose of this disclosure, a "family" shall be defined as a group residing together and consisting of parents, children, and other relatives by blood or marriage. The Broker and the Landlord retain the right of freedom of contract to lease with whomever they want as long as it is not for a discriminatory reason against a protected class. Two or more families residing in one home are not a protected class. It shall be the Broker's policy not to rent to more than one family per residence.

Application Fee and Verification Steps

There is no charge to submit this application.

If your application advances after review, Dean & Associates Inc will email you separate secure links to complete the following steps, in this order. Fees, where they apply, are charged only at these steps.

1. PetScreening profile. Every Applicant completes a PetScreening profile, including Applicants with no pets. No-pet and Assistance Animal profiles are free. Household pet profiles cost $30 per pet, paid to PetScreening.

2. Identity and income verification, $20, paid to Dean & Associates Inc. This covers Snappt verification of your identity and your income.

3. Credit and background screening, $30, paid to Dean & Associates Inc. Screening is performed by TenantReportsX. You will give your consent and enter your Social Security Number directly with TenantReportsX, and Dean & Associates Inc does not collect or store your Social Security Number.

Your application is not complete until all three steps are finished.