Down payment amount varies and more you put down the highre you will be in the queue of applicants, also down payment varies per your credit...Dodd Frank IS in play!!

All things being equal, I would accept these applicants, but I would require them to pay a deposit equal to two months of rent.

Banks rejected 1 in every 5 mortgage applicants last year.

If you are not familiar with lease applications/procedure/ and contracts, use a realtor to make sure you don't leave anything  out that can come back and burn you.

My application includes an acknowledgment that everything is true and complete.

It is definitely interesting what is happening and I could some see landlord and real estate applications coming soon if this keeps rolling.

I always play it straight on loan applications for they can be enforced for 10 years from signing. 

If the applicant comes from the pool of people that I or my tenants know, I use real estate as a way to give back as many of my tenants will not qualify credit wise or may even have a criminal background or would struggle for another reason if I were to just stick to the "background/credit check" criteria. 

I suppose I'll just wait until I find a good applicant and be grateful I won't have a vacancy this time next year. 

Most lenders won't require an application fee and should be able to clearly lay out their financing costs, cash to close, and projected profitability for you.I hope this helps.