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I don't know if this decision is up the the applicant. But I can't pretend to know what all this means. Still, it seems to me that someone with $140,000 in student debt would be disqualified.
According to the Marketing Guidelines (page 51)
4. MONTHLY Debt to Income Ratio
The Marketing Agent may reject an applicant for monthly debt obligations
(including gross rent and minimum credit card and loan payments) that bring an
applicant’s gross debt-to-income ratio above 50% (60% if the obligations include
scheduled repayments for incurred medical bills or student loan debt) at the
time of processing.
5. TOTAL Debt to Income Ratio
a. The Marketing Agent may reject an applicant for total outstanding debt
(excluding rent) per household exceeding 25% of the household’s annual
gross income (30% if debt includes significant medical-related bills or
student loan debt).
b. In this “total” approach, rent is excluded to account for what actual
“debts” a household has prior to executing a lease. Tenants with
exorbitant debts pose financial risk for Marketing Agents, so the
acceptable level of debt is capped at a reasonable level that (a)
acknowledges the applicant has accrued some debt but is responsibly
paying it off as an alternative to bankruptcy and (b) specifically recognizes
an additional accommodation for hardships created by medical and
health-related circumstances and the cost of education.
Maybe, but that shouldn't discourage anyone to apply. Also, the marketing guidelines doesn't get in play until applicant land for the interview. Applying for housing doesn't guarantee anyone on getting the apartment, is merely a chance. So, just be nice and give some encouragement.
People come here for information, and that's what I try to give them, to the best of my ability. Sure, anyone can apply for anything. Why not? But personally I think it's best to be realistic and to know what you're up against. The more you know about the process, the better. Some things you can fix, and some you can't.
Thanks you for the very informative post. I'm disabled and low income, feps pays all my rent. i applied and got called for an interview. My income last year was 10000. its been 1 month of not working. where does that put me.
Thanks you for the very informative post. I'm disabled and low income, feps pays all my rent. i applied and got called for an interview. My income last year was 10000. its been 1 month of not working. where does that put me.
You will be consider as extreme low income, but you have to make more than 10,000 because they need to make sure you can at least afford to pay the monthly rent. From what I observe, is usually around 20,000-30,000 income in order to get yourself qualify for any affordable housing.
@BronxBound07 - I think you should keep going because you never know when you might get called. I feel lucky that my 1st application to a lottery was one that I won. I am beyond grateful.
I know people that have won 2 housing lotteries. Stay positive and just keep going. To be honest, the only lotteries that are real wins are the low income ones. The middle income ones are so expensive that people won't even be living paycheck to paycheck. It'll be living 2 paychecks behind 2 paychecks.
I have a question, the lottery I'm in is asking me to explain deposits I made a year ago and I DO NOT REMEMBER what a few of them were for. What should I do/say?
I have a question, the lottery I'm in is asking me to explain deposits I made a year ago and I DO NOT REMEMBER what a few of them were for. What should I do/say?
You will have to remember and explain it. They asked me too and I had to show them documents to verify my "deposits" but they were really credit card payments and not another bank account I was "depositing" into like they assumed...bunch of incompetents.... If you can't explain it or show proof they will most likely reject you.
I have heard they are now requesting that. It is ridiculous. No one can remember transactions for years ago. To be clear, most people should just be having their job direct deposit coming in and nothing else. I can understand if you make a withdrawal of $100 and only use $60 so you deposit back the unused $40. What they are asking for is ridiculous, but they want to verify one has NO other source of income except their main employer.
@CityGuy99 - CREDIT CARD payments are deductions since funds are being used from the checking account to pay them. If you are having CREDIT CARD money refunded to your DEBIT CARD/Checking account - that would raise a RED FLAG WITH ME.
I have heard they are now requesting that. It is ridiculous. No one can remember transactions for years ago. To be clear, most people should just be having their job direct deposit coming in and nothing else. I can understand if you make a withdrawal of $100 and only use $60 so you deposit back the unused $40. What they are asking for is ridiculous, but they want to verify one has NO other source of income except their main employer.
@CityGuy99 - CREDIT CARD payments are deductions since funds are being used from the checking account to pay them. If you are having CREDIT CARD money refunded to your DEBIT CARD/Checking account - that would raise a RED FLAG WITH ME.
Yeah most of the deposits were transfers from my savings because i was running low on cash and i have docs to support it but the rest most likely was me just having a little too much money on hand and decided to deposit it smh
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If you can't explain it or show proof they will most likely reject you.
