What a PostGrad needs to secure a DC apartment

In the greater D.C area, there are many rules and regulations that need to be followed before purchasing/leasing a property. Since Washington D.C is the capital of the United States, there are some strict real estate laws that must be followed exactly in order to obtain property. Prices are higher here than most other cities and states since the price of living here is steadily rising. Even with this declining real estate market, properties are being occupied fast so time is always of the essence. A simple philosophy to follow in the D.C. real estate market which might help many is “the early and prepared bird, gets the desired worm”.

Some of the required forms are as follows:

Income Requirements — There is no “set” income requirement that is needed for many parts in D.C. Since most customers do not pay in cash, there is a strict loan application that is followed up by a loan officer. Most real estate agents will provide customers with dependable loan officers. These loan officers then run a background check and research on the customers.

1) Annual Income
2) Yearly expenses
3) Debt - Asset Ratio
4) Credit Score

- All these put together allow the officer to estimate one’s “affordability percentage” which gives a good approximation of the amount of funds that will be available once the loan has been approved. 
- D.C Real estate market mostly works on a loan based application process
- Income proof such as a steady income and bank statements reflecting the amount of assets available can also be used.

Lease Guarantor — Lease guarantors are not widely used in the D.C area. If needed, a guarantor must meet all the requirements that the tenant is required to meet. In most cases, if the guarantor has proof of a stable source of income and has approximately 10x the monthly rent, the guarantor is qualified to sign.

Required paperwork — All prospective tenants and their guarantor must submit the following paperwork with their completed application and application fees.

If employed by a company
Employment verification letter stating:
Length of employment
Annual Income
Copy of your 2 most recent pay stubs
Copy of most recent Federal Income Tax Return
Copy of most the most recent bank statement (Checking or savings)
A photo ID (Driver’s license)

Self-employed or retired
Copy of most recent Federal Income Tax Return
Copy of 2 most recent bank statement (checking, savings, brokerage)
Copy of photo ID (Driver’s license)
Application / Credit Check — This is typically a single document that will provide a landlord with an applicant’s professional, financial and personal background information required when applying to live in a property. (Credit check is only applicable for US residents).

Application Fees — Application fees are generally due at the time of application submission and range in price from $100-200 (per application). Prices adjusted based on size and location.