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Common Questions About the Cosigner Alternative Fee (CAF)

What is the CAF, and how does it work?

What is the Cosigner Alternative Fee?

The Cosigner Alternative Fee (CAF) is a non-refundable fee that allows qualified applicants to lease a property without a cosigner when their credit score falls below our standard requirements. This one-time fee provides an alternative path to approval for applicants who meet all other eligibility requirements but need credit score support.

Who is eligible for the Cosigner Alternative Fee option?

The CAF option is available to applicants based on their credit score and the monthly rent amount:

For properties priced at $2,999/month or less:

  • Credit score 600-649: Eligible for $350 CAF
  • Credit score 550-599: Eligible for $750 CAF (only for properties under $2,000/month)

For properties priced at $3,000/month or above:

  • Credit score 600-679: Eligible for $350 CAF

How much is the Cosigner Alternative Fee?

The fee amount depends on your credit score and the property's monthly rent:

  • $350 for most qualifying applicants
  • $750 for applicants with credit scores between 550-599 applying for properties under $2,000/month

Is the Cosigner Alternative Fee refundable?

No, the CAF is completely non-refundable. This fee is processed as an alternative to providing a cosigner and cannot be returned, even if you decide not to move forward with the lease or if your application is not selected by the property owner.

Can I choose between getting a cosigner or paying the CAF?

Yes! If your credit score falls within the eligible ranges, you have the option to either:

  • Find a cosigner who meets our requirements (700+ or 720+ credit score depending on the property price)
  • Pay the non-refundable Cosigner Alternative Fee

Is the CAF available for all Nomad properties?

No, the Cosigner Alternative Fee is only available on select Nomad properties. You'll need to confirm with your leasing specialist whether the specific property you're interested in accepts the CAF option.