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Does anyone know how it works with calculating income for household members? What if I qualified for one income by myself but a higher one if you count my boyfriend. Would I be able to only count myself as a "household" member but still have my boyfriend live with me?
Household members include anyone who lives there, family or not. If your boyfriend lives with you, he is a household member, so his income should be counted as part of your household income. (My boyfriend and I are in the exact same boat. We both submitted financial documents and are going to pay the higher rent.)
Hmmm I realize I'm a bit verbose...basically my questions are:
WHEN do they do the credit check during the timeline of the whole process?
ARE they understanding with low income renters or does the computer system just reject you or confirm you?
DO they use CoreLogic for low income too?
HAVE any low income candidates done an appeal process? How did it go? If denied on credit, I wonder if after a lengthy appeals process they would consider your new score by the end or the score that got you denied?
And while I'm on a role...maybe it's counter to Affordable Housing, but COULD you add a guarantor?
Sorry for all the questions but one more thing...this initial interview that is mostly financial...do they already have a file on you and a credit report that they are looking at and asking you about, or is it a self-reporting stage where you are basically just telling them what your debt obligations are and your income is, etc.? I guess I'm just wondering if I should be prepared at the initial interview to provide explanations on my credit and proof of current accounts and stuff, or if that would be borrowing trouble and getting ahead of myself?
Sorry for all the questions but one more thing...this initial interview that is mostly financial...do they already have a file on you and a credit report that they are looking at and asking you about, or is it a self-reporting stage where you are basically just telling them what your debt obligations are and your income is, etc.? I guess I'm just wondering if I should be prepared at the initial interview to provide explanations on my credit and proof of current accounts and stuff, or if that would be borrowing trouble and getting ahead of myself?
From my experience with another 80/20 lottery run by Related, the credit check was run closer to signing a lease. Most people in the lower income category in this lottery are still waiting to hear back from the first in person interview. It usually takes 6 weeks for Related to verify all of the information that you give them during your first interview.
Are you low income if you don't mind? I was just reading back into the earlier part of this thread and saw that some people got an email to submit documents and agree to a credit check right from the get-go...maybe they are middle income?
or maybe there's no method to the madness. some people are apparently contacted having already qualified.
This SafeRent thing tho...I wonder if it's always so lopsided or what it weighs more than other algorithms? I wonder if it gives anyone higher scores that usually have lower? If it's giving 500 scores to 700 FICO people...the whole building can't be filled with 850 perfect people can it?
Sorry for all the questions but one more thing...this initial interview that is mostly financial...do they already have a file on you and a credit report that they are looking at and asking you about, or is it a self-reporting stage where you are basically just telling them what your debt obligations are and your income is, etc.? I guess I'm just wondering if I should be prepared at the initial interview to provide explanations on my credit and proof of current accounts and stuff, or if that would be borrowing trouble and getting ahead of myself?
I'm sure this may be slightly different for everyone, or different depending on when you were contacted, but in my experience the credit check was performed before we were called in for our interview. We were asked to submit everything and then told "once the checks are complete, we'll call to arrange an interview". This only took a few days and then we were told everything looked okay and we were brought in to "interview" and then signed lease the same day. Granted, this was back before they knew about construction delays but my understanding is that the process hasn't changed drastically.
Thanks for that info....if you are grandfathered in and the price drops would they honor the lower price?
I received an email today from Related quoting the parking price at HPS $226 base rate, plus tax $250 a month.
We're actually looking into that now. We looked back and have an email from the parking manager that said the rate was going to be $275 WITH tax and we were asked to pay $300. We're going to try to see if we can negotiate it down as a resident or something like that. Will definitely ask and report back!
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