Income Calculator Overview
Pre-qualify customers based on custom qualification values and limits with three (3) quick questions: gross annual income, household size, and desired floor plan.
Customers can be pre-qualified from the start! Simply enter the maximum income (100% AMI) for the geographic location, then the income and rent variables required for approval.
Access and Review Income Calculator Values
- Log in to the platform.
- Scroll down to and click the Apps tab in the navigation menu, then click Income Calculator.
- The Income Calculator Details page opens.
- Review the fields and adjust as needed. Use the following for guidance.
The Module Title entices a customer to become a lead by completing a short questionnaire. Example: See if You Qualify Today!
The Income to Rent Variable determines how much money an aapplicaant must make in order to qualify. If the value is set to 2.5, the applicant's monthly income must exceed 2.5 times the monthly rent.
Note: Different floorplans may have different market rent prices.
The AMI for a Family of 4 section defines the required annual income and percentages to qualify. An area's median income (AMI) is a metric calculated by the U.S. Department of Housing and Urban Development (HUD) to determine the income eligibility requirements of federal housing programs. The AMI is the "middle" number of all of the incomes for a given area. The income levels (Low, Medium, and High) are percentages of the AMI. Household incomes at or below 80% of the AMI are considered "low-income," incomes between 80% and 120% of the median income are considered "moderate-income."
If a customer is disqualified by Income Calculator, customer details will still be forwarded to the team for manual review.
The Required Questions section includes four fields: Household Size, Max Allowed, Annual Income, and Floorplan Selection. The Household Size field is a customizable question that asks how many people live in the applicant's household. By default, this field states "Number of individuals who will live in your household." The Max Allowed dropdown determines the number of people that are allowed to live in a particular floorplan. Users can select from a dropdown list of 1-8, meaning that if a floorplan only allows for 3 people and a family of 4 is applying, they will not qualify. The customizable Annual Income field is used to determine how much money he applicant's family makes before taxes. By default, this field states "What is your yearly income before taxes?" Finally, the customizable Floorplan Selection field determines which floorplan the applicant is interested in. By default, this field states "What is your yearly income before taxes?"
The Questions Presets field allows users to include qualification questions in their Income Calculator module. To include either optional or required questions, follow the steps listed here.
If no floorplans have been established,
Add, remove, or update company floor plans and rental rates in the Floorplans section.
The Floorplan Name field names the individual floorplans that are displayed within the module. The Market Rent field determines the rent price for the given floorplan. The Income to Rent Variable field determines how much money a family needs to make per month in order to be able to afford the given floorplan. For example, many property managers choose to set this value to 3, which means that the fmaily must make over 3x the market rent in order to qualify.
The +Add New Floorplan button adds new floorplans so that a community may continue to add as many floorplans as necessary.
Include and update any disclaimers and the qualification policy or criteria in the Disclaimer & Qualification Policy settings section.
Modify the pre-qualification emails received by customers by clicking on Edit Email in the Confirmation Email section or by navigating to the App Email Templates section of the Company tab.
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