Prospective Residents
A debt-to-income, or DTI, the ratio is derived by dividing your monthly debt payments by your monthly gross income. The ratio is expressed as a percentage, and we use it to determine how well you manage monthly debts -- and if you can afford for the rental you are applying for.
To calculate your debt-to-income ratio, add up all of your monthly debts – rent payments, student loans, personal loans, auto loans, credit card payments, child support, alimony, etc. – and divide the sum by your monthly income. For example, if your monthly debt equals $2,500 and your gross monthly income is $7,000, your DTI ratio is about 36 percent. (2,500/7,000=0.357).
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Credit Score (FICO) <599 = 0 points 600 - 649 = 1 point 650 - 699 = 2 points 700+ = 3 points *For a credit score of N/A, a default score of 600 is used
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Gross Monthly Income ( COMBINED) 2 times the monthly rent or less = 0 points 2.0 - 2.49 times the monthly rent = 1 point 2.5 - 2.99 times the monthly rent = 2 points 3 times the monthly rent or more = 3 points
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Debt to Income Ratio (Combined) DTI greater than 57% = AUTO DENIAL 50-57% = 0 points 46 - 49% = 1 point 41 - 45% = 2 points Less than 41% = 3 points
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Payment History (From Credit Report) 3+ Negative = 0 points 2 Negative = 1 point 1 Negative = 2 points All+ , N/A, or only negative Med/Ed = 3 points *COLLECTION FOR CASH ADVANCE IS AUTO DENIAL*
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Length of Last 5 years of residency at current 12 months or less = 0 points 13-24 months = 1 point 25 – 48 months = 2 points 49+ months = 3 points * Living with family = 1PT*
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Late Rent or Mortgage in last 2 years *EVICTION ON RECORD IS AN AUTO DENIAL* 3 or more late payments = 0 points 2 late payments = 1 point 1 late payment = 2 points 0 late payments = 3 points * Living with family = 1PT *
Total score for all applicants are added together and divided by the number of applicants.
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14 + points = approved
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13 points = approved with condition of 1.5x security deposit
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12 points = approved with condition of 2 times the security deposit
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11 points = approved with the condition of requiring a co-signer
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10-0 points = not qualified
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