TENANT
QUALIFICATIONS
APPLICATION REQUIREMENTS & PROCESSING
REQUIREMENTS
- All occupants over 18 must submit an application. A valid submission includes:
- Fully completed application which requires that the applicant has toured the home
- All required documents uploaded
- All co-applicants have applied
PROCESSING
- Fully complete applications are processed on a first-come basis.
- The first qualifying applicant will be approved.
- Incomplete applications will not hold priority.
CHECKLIST (NON-HOUSING ASSISTANCE)
- 5 years of rental history with contact information filled out on the application.
- Uploaded picture or PDF copy of photo ID.
- Verifiable income documentation
If Employed (Provide all the following):
- Four (4) most recent bank statements showing clear deposits.
- Four (4) most recent pay stubs (or 2 months equivalent)
- Proof of social security, disability, government payments, retirement, student loans, child/spousal support, or rental subsidies (if applicable)
If Independent Contractor (Provide all the following):
- 1099
- 2 years of most recent tax returns
- Six (6) most recent bank statements showing clear deposits.
- Proof of social security, disability, government payments, retirement, student loans, child/spousal support, or rental subsidies (if applicable)
If Self-employed (Provide all the following):
- Business License
- Profit & Loss Statement
- 2 years of tax returns
- Six (6) months of business bank statements
- Proof of social security, disability, government payments, retirement, student loans, child/spousal support, or rental subsidies (if applicable)
- All co-applicant applications with all their items above uploaded.
- Pet photo (if applicable)
HOUSING ASSISTANCE REQUIRED DOCUMENTS
- 5 years of rental history with contact information filled out on the application.
- Uploaded picture or PDF copy of photo ID.
- Verifiable income documentation (Could include any of the following)
- Four (4) most recent pay stubs (or 2 months equivalent) and/or
- Proof of social security, disability, government payments, retirement, student loans, child/spousal support, or rental subsidies, and
- Four (4) most recent bank statements showing clear deposits
- RFTA or RUA packet including F sheet (if applicable).
- Housing Assistance recipients must provide three different bill payment histories (utilities, car, phone) for the past 12 months.
- Housing Assistance recipients on an escalating rent payment program must provide their Financial Plan.
- All co-applicant applications with all their items above uploaded
- Pet photo (if applicable)
GOVERNMENT VOUCHER REQUIREMENTS (SB-267)
- Applicants under HUD jurisdiction do not undergo a credit history check.
QUALIFICATION REQUIREMENTS (GOVERNMENT VOUCHER)
- Income: 3x your portion of rent
- Proof of ability to pay:
- 2 years of on-time rental payments with a positive reference
- Three different bill payment histories (utilities, car, phone, etc.) for 12 months
- 4 months of bank statements & income documentation
- No evictions
- Negative rental history or 3+ late utility payments in 12 months = denial
- A debt-to-income, or DTI, the ratio is derived by dividing your monthly debt payments by your monthly gross income. The ratio is expressed as a percentage, and we use it to determine how well you manage monthly debts -- and if you can afford for the rental you are applying for.
- To calculate your debt-to-income ratio, add up all of your monthly debts – rent payments, student loans, personal loans, auto loans, credit card payments, child support, alimony, etc. – and divide the sum by your monthly income. For example, if your monthly debt equals $2,500 and your gross monthly income is $7,000, your DTI ratio is about 36 percent. (2,500/7,000=0.357).
THE POINT SYSTEM FOR APPROVAL
We use the point system below so that each applicant has the exact same standards applied to their application.
1. Credit Score (FICO)
For a credit score of N/A, a default score of 600 is used.
- <599 = 0 points
- 600 - 649 = 1 point
- 650 - 699 = 2 points
- 700+ = 3 points
2. Gross Monthly Income (Combined income for all applicants applying)
- 2 times the monthly rent or less = 0 points
- 2.0 - 2.49 times the monthly rent = 1 point
- 2.5 - 2.99 times the monthly rent = 2 points
- 3 times the monthly rent or more = 3 points
3. Debt to Income Ratio (Combined income for all applicants applying)
- DTI greater than 57% = AUTO DENIAL
- 50-57% = 0 points
- 46 - 49% = 1 point
- 41 - 45% = 2 points
- Less than 41% = 3 points
4. Payment History from Credit Report
- *COLLECTION FOR CASH ADVANCE OR PRIOR RENTAL IS AUTO DENIAL*
- 3+ Negative = 0 points
- 2 Negative = 1 point
- 1 Negative = 2 points
- All+ , N/A, or only negative Med/Ed = 3 points
5. Length of Last 5 years of residency at current
- *LIVING WITH FAMILY WILL EQUAL A TOTAL SCORE OF 1 POINT*
- *BREAKING OF LEASE WILL CAUSE DEDUCTING 1 POINT*
- 12 months or less = 0 points
- 13-24 months = 1 point
- 25 – 48 months = 2 points
- 49+ months = 3 points
- * Living with family = 1PT*
6. Late Rent or Mortgage in last 2 years
- *EVICTION ON RECORD IS AN AUTO DENIAL*
- *LIVING WITH FAMILY = 1PT*
- 3 or more late payments = 0 points
- 2 late payments = 1 point
- 1 late payment = 2 points
- 0 late payments = 3 points
Total score for all applicants are added together and divided by the number of applicants.
- 13+ points = approved
- 12 points = approved with the condition of requiring a co-signer
- 11-0 points = not qualified
WHAT IS REQUIRED AFTER APPROVAL?
- Approved applicants will be required to pay a one-time Lease Administration and Technology Fee of $150.00 due at lease signing.
- Security deposit must be paid within 24 business hours via certified bank check.
- Lease contract must be signed within 24 hours.
- Failure to comply will result in forfeiture of approval.
- Lease start date must be within 2-3 weeks of approval.
