This article details Up&Up’s Tenant Selection Criteria. The tenant selection criteria may be revised, modified, or updated at any time by Up&Up at the discretion of Up&Up’s internal staff. Applicants applying to homes governed by homeowner’s associations (“HOA’s”) or municipalities may be subject to additional qualification criteria based on HOA regulations or municipal ordinances.
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Tenant Selection Requirements
All documentation must be completely legible.
- Applicants who are United States (US) citizens must provide, at minimum, one of the following documents:
- Valid, unexpired US state driver’s license or identification card
- Valid, unexpired US Passport
- Applicants who are not US citizens may be required to submit the following documentation:
- Valid verification of Individual Taxpayer Identification Number (ITIN), supporting previous year tax returns
- Valid, unexpired passport
- Non-US citizens applying to a home may be required to present information acknowledging the individual’s right to live in the US through the duration of the lease term
- We run background checks (criminal and OFAC screening) on all occupants over the age of 18, regardless of whether they are on the lease or part of credit profile
Additional documentation may be required if identity cannot be verified.
We require a household income-to-rent ratio of 3x or higher inclusive of total application monthly debt.
- Household income requirements are based upon market, credit, and other qualification factors, not limited to the minimum requirements stated above.
- Income of up to three (3) tenants may be combined to calculate household income.
- Monthly debt for the income qualifying tenants will be considered when determining the maximum rent an application qualifies for.
- Employment: Applicants are required to provide proof of income for the past four (4) consecutive weeks unless otherwise advised by a representative of Up&Up. Most recent proof of income must be dated within the last 14 days of application submission. Applicants who are paid monthly will be asked to supply proof of two (2) months’ worth of income for consistency of pay evaluation.
- Applicants moving from out of state must show proof that they are working in the state to which they are moving. An offer letter or acknowledging email from the company’s HR department may suffice. All offer and transfer letters are subject to further employment verification.
- We accept the following additional income sources: Social Security benefits, child support, alimony, disability, retirement, pension, and VA benefits. We also accept complete bank statements as an alternate form of proof of income. Items containing redacted or otherwise altered information are subject to additional verification.
- Unless requested by Up&Up for verification purposes only, we will not accept W-2s or tax return information from prospective tenants.
- Up&Up reserves the right to request additional proof of income documents or supporting documents for submitted proof of income. If it is determined that the proof of income submitted is falsified, the application will be denied, even if an approval has already been conveyed.
- A weighted household credit score will be considered after a credit check is conducted through Up&Up’s screening provider.
- Household Income Weighted Average Credit Score must be 680 or higher. Individual credit scores will be weighted based on the extent to which each tenant's income is required to reach the household income threshold.
- e.g., if the primary tenant earns 2x income and has a 700 credit score and the secondary tenant earns 2x income and has a 550 credit score, then we will calculate the Household Income Weighted Average Credit Score as follows: 700(2/3) + 550*(1/3) = 633 (the credit of the secondary tenant is weighted less because we only "need" half of their income to reach the 3x household income threshold.
- Applicants with no credit score (unless reported in error) will not be considered in income qualification. If all qualifying tenants cannot have a determined credit score, the application will be denied for no credit.
- Tenants’s minimum required initial Up&Up Wallet contribution will be determined based on weighted credit score based on the credit report and Up&Up’s internal underwriting team.
- Current open Chapter 7 or 13 bankruptcies will result in an automatic application denial.
- Proof of discharge provided by the court may be submitted by applicants if the case has not been cleared
- Prior evictions, filed or enforced, may result in an automatic denial of the application.
- Any outstanding debt or judgement owed to any prior landlord will result in a denial of the application.
- Up&Up may request rental verification, if rental history cannot be verified.
- We make every effort to offer everyone the opportunity to rent with Up&Up. We assess criminal history on a case-by-case basis. Our screening reviews and considers type, recency, and number of offenses to make a fair and objective decision.
- The application will be denied for any felony conviction for any offense(s) related to the below categories regardless of conviction date:
- Assault and/or battery
- Crimes against children
- Sex crimes
- The manufacture or distribution of drugs
- Domestic theft, burglary, or robbery
- Criminal criteria is governed by federal, state or local laws which regulate Up&Up’s criminal background check processes.
- Denied applicants may dispute any wrongful record claimed by contacting CIC Consumer Relations by calling (888) 316-2424 or visiting https://www.cicreports.com/consumer-assistance/
UP&UP WALLET INITIAL CONTRIBUTION
- Applicants that are approved and agree to move forward with a lease are subject to making an initial contribution to their Up&Up Wallet.
- Contribution amounts required of approved applicants are determined based on the application’s weighted credit score as described above.
OFAC – Office of Foreign Assets Control
- An Office of Foreign Assets Control (OFAC) search is completed for each applicant. If an applicant appears on the OFAC list, their application will be denied.
- Tenants may be subject to annual OFAC checks at the request of HOAs or other governing boards.
APPLICATION DOES NOT CREATE A LEASE
The Up&Up Application, even if accepted, shall under no circumstances be considered a lease agreement between applicant(s) and Up&Up, nor an offer to lease, and does not create a landlord/tenant relationship. No lease shall exist between any applicant(s) and Up&Up unless and until the parties enter a fully executed Lease Agreement conditioned on the applicant(s) paying all required fees, contributions, and rents.
FAIR HOUSING LAW
Up&Up does business in accordance with the Federal Fair Housing Law (The Fair Housing Amendments Act of 1988). Agents understand that it is illegal to discriminate against any person because of race, color, religion, sex, disability, familial status, or national origin. This applies in the sale or rental of housing or residential lots. It also applies to advertising, the sale or rental of housing, and the financing or appraisal process. In addition, blockbusting is illegal. To assure residents or buyers that we don’t discriminate, we display Equal Housing Opportunity posters in our office and have its logo printed on our application forms.
*By submitting this application, applicant(s) acknowledge(s) and accept(s) their lease application will be approved or rejected based on the information above. Falsification of any information on the lease application, provided documentation, or incomplete documentation will result in a the application being denied. Applicant(s) also agree(s) to submit all documents necessary to complete the application within 72 hours of the application date. All information must be verifiable. Failure to provide documentation will result in a denied application and the forfeiture of all fees paid to reserve the home.
By reading the above criteria, prospective tenant(s) agree(s) to all qualification factors and terms and conditions of the application processes set forth by Up&Up.