After years of careful investing, we’ve found that these standards give us the best chance of finding a quality renter, without being so strict that only a saint can apply.
Tenant Qualifying Criteria
- An identity confirmation completed by Leasing Agent
- Review of state-issued photo ID and Social Security card
- Social security number on the application must match the number on your social security card
- At least 12 months of steady current employment with verifiable payments
- 3x gross rent in gross verifiable income
- Proof of Income: Most recent month’s bank statements for W2 employee OR last year’s personal taxes and last 90 days of personal bank statements for 1099 or non-W2 employee
- Score minimums & collections limits vary by rent band. Minimum credit score of 500 is required.
- 5-year prohibition on prior Landlord collections and evictions
- 5-year prohibition on bankruptcy
- Guarantors have higher qualifying criteria on credit factors
In response to recent guidance by HUD on the disparate impact of criminal screening policies by property managers, HomeProp will evaluate each individual applicant’s criminal history on a case-by-case basis
- At least 12 months of rental history
- Fewer than 10% late payments
- No issues with pets, deposits or lease terms
- 3-year prohibition on evictions
- All adults must pass qualifying criteria and be fully screened
- Income is cumulative (total added together for household approval),
- Credit is supplemental (good credit can outweigh bad)
- Rental history, eviction, and criminal checks are primary (issues with any applicant on these items will disqualify the entire application)
