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, the advertised rent for the home, any monthly payment under an IRS installment agreement or other IRS-approved payment arrangement shown on your IRS Transcript, and the recurring obligations you report on this application. That calculation, not the estimate you make here, is the one used to approve or decline your application.

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)
• Any monthly payment under an IRS installment agreement or other IRS-approved payment arrangement
• Alimony, child support, or other court-ordered payments.
• 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.

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.

No Delinquency Disclosure

If a review of your credit report reveals any account delinquencies, your application will be declined. If you have a qualifying credit score with delinquencies, your application will be declined. A delinquency in a credit report is defined as: a past-due account; an unpaid collection; an unpaid charge-off; an unpaid judgment; or any negative or derogatory account information.  An unpaid, past-due federal tax balance shown on your IRS Transcript that is not under an IRS installment agreement or other IRS-approved payment arrangement is also a Delinquency under these requirements An account reported as paid in full, settled with a zero balance, or brought current is not a Delinquency under these requirements.

Income Verification Disclosure

The income figure used to approve or decline a lease application is calculated by an independent consumer reporting agency, not by the Broker. The Broker is a user of that agency's report. The Broker does not serve as the Applicant's accountant and does not independently calculate the Applicant's income or reconstruct it from underlying documents. The Broker uses the figure the agency calculates and applies its published requirements to that figure uniformly to every Applicant.

Income for every Applicant is verified through the Broker's screening process, provided by Snappt. The Applicant verifies income through Snappt by connecting payroll or bank account data, by uploading documents, or by a combination of these methods. When the Applicant uploads documents, the upload must include either twelve consecutive monthly bank statements or the twelve most recent consecutive paystubs, and a submission that includes fewer than twelve of either is not complete, so the remaining documents will be requested.

The income figure stated in the resulting 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 consumer reporting agency that calculated the figure is identified in that report, and the same figure, along with that agency's contact information, appears in the consumer report and notice provided to the Applicant with any Adverse Action Notice. Questions or disputes about the figure are directed to that agency.

The Applicant agrees to provide income data for verification only through the Broker's verification process. Documents or information provided outside that process, including CPA-prepared, compiled, reviewed, or unaudited financial statements, letters, or certifications, are not verification and will not be considered.

An Applicant with a disability who needs a reasonable accommodation to complete income verification may request one through the Broker's reasonable accommodation process.

Income that the Applicant has not yet received cannot be counted toward the income figure, no matter how it is documented. A letter of employment, an offer letter, or any statement of future, prospective, or anticipated income, including expected income from a new or pending job, cannot satisfy the Minimum Annual Income Requirement. Income from a job started so recently that the verification report cannot confirm at least 28 consecutive days of pay also cannot be counted. Every Applicant must meet the Minimum Annual Income Requirement on verified income.

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.

Policy on Corporate Leases

Dean & Associates Inc does not offer residential Lease agreements to Corporations, Limited Liability Companies (LLCs), Partnerships, Trusts, Estates, or any other legal entity or organization. The named Tenant (or Tenants) on every Lease must be a natural person who will be a primary Occupant of the residence, and every application must be submitted in that natural person's name. An application that lists any entity, rather than a natural-person Occupant, as the prospective Tenant will not be processed. This standard is applied uniformly to every application, without exception.

PetScreening requires a separate profile for each pet and for any assistance animal. A household with one pet maintains one profile; a household with two pets maintains two. Households declaring no pets complete one no-pet profile. If you have pets you must upload a copy of up to date vaccination records to each pet's profile. The profiles are completed once for the household, so if another Applicant in your household has already created them, you do not need to create them again. 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.

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.

1. Credit and background screening. A $30 fee, paid to Dean & Associates Inc, is due before this step. You will receive a payment link, and the credit and background screening will not begin until the fee is paid.
2. Identity and income verification. A $30 fee, paid to Dean & Associates Inc, is due before this step. You will receive a payment link, and your Snappt identity and income verification links will be sent once the fee is paid. This fee covers your Snappt identity verification and your Snappt income verification.
3. PetScreening profile. PetScreening requires a separate profile for each pet and for any assistance animal, completed once for the household. A household with no pets completes one no-pet profile. No-pet and Assistance Animal profiles are free. Each pet profile costs $30, paid to PetScreening.

The application fee is $60 per Applicant, collected as a $30 payment and a $30 payment to Dean & Associates Inc at the steps above. Your application is not complete until all three steps are finished.