RENTAL QUALIFICATION REQUIREMENTS
Loving Homes Realty RENTAL QUALIFYING REQUIREMENTS
• Primary Applicant / Co-Applicant: All individuals over age 18 who will reside in the home and are financially responsible for making lease payments, and who will sign the lease agreement and uphold the lease obligations. The Applicant who starts the application process is referred to as the “Primary Applicant”. All others with similar responsibilities are referred to as “Co-Applicants”.
• Adult Applicant: All individuals over age 18 who will reside in the home who are not financially responsible for making lease payments but must uphold all other lease obligations.
• Non-Resident Guarantor: An individual over age 18 who will be financially responsible for lease payments but does not reside in the leased home. The Non-Resident Guarantor will be required to sign the Lease Agreement and/or a Guarantor addendum. Guarantors may be accepted for applicants who do not meet certain financial qualification requirements.
All applicants will undergo a screening process, which includes a review of the applicant’s credit history, previous rental history and criminal history. To qualify for residency with Loving Homes Realty, each Applicant must meet the requirements detailed below. Please note: nothing contained in this document constitutes any guarantee of approval.
Each Applicant must be at least 18 years of age.
Applicant(s) must present valid photo identification issued by any state or federal authority of the United States. Documents must be uploaded in PDF or picture file format (such as jpg, jpeg or png). Acceptable ID documents include:
• State-issued Driver’s License
• State-issued Identification Card
• Social Security Card
Applicant(s) must earn total monthly gross income equal to three (3) times the total rent of the selected home. Non-Resident Guarantor(s) must earn a total monthly gross income equal to five (5) times the total rent of the selected home.
Applicant(s) must upload one or more of the following forms of documentation to fully substantiate the monthly income stated on the rental application. Accepted forms of documentation in order of preference are detailed below. Documents must be uploaded in PDF or picture file format (such as jpg, jpeg or png). If the documentation uploaded does not demonstrate the monthly income stated on the application, the Applicant(s) will lost their place in line for the property applied for and additional documentation may be requested for review.
Applicant Status Income Document
Employed (currently) • Pay stubs for the last 30 days (Weekly pay period = 4 paystubs, Bi-Weekly = 2 paystubs, Monthly = 2 paystubs) OR
• Applicants who have been with current employer for fewer than 30 days should provide any paystubs received AND an Employment Verification Letter confirming date or employment and terms of compensation OR
• 30 days of most recent bank statements showing all employment income deposits if employee is paid by direct deposit OR
• 90 days of most recent bank statements when payroll is not received as direct deposit into the applicant’s bank account. Please upload each monthly statement separately. OR
Employed (starting a new job) • Signed and dated offer letter on official company letterhead with hourly rate (specifying how many hours will be worked each week) or annual salary. Must include start date along with recent paystubs from current employer. Employment will be verified during the screening process.
Self-employed If self-employed / business owner, the business must have been in operation for at least 90 days.
• 90 days of most recent bank statements AND
• Copy of business license that validates ownership
Retired • Current statement showing pension, IRA or any other supporting retirement income from issuing agency OR
• 90 days of most recent bank statements showing the deposits of retirement income
Social Security, Disability, GI Benefits etc. • Award letter or statement from issuing agency
•Financial Aid • Formal financial aid documentation that specifically reflects Room & Board allowance. Aid must be currently active.
To verify credit rating, a credit report using a third party agency will be obtained on all adult applicants financially responsible for lease payments. All open collections, charge-offs, repossessions and delinquencies may be taken into consideration during review of credit report. All applicants must have a FICO score of 550 or higher.* Non-Resident Guarantors are required to have a FICO score of 620 or higher. These credit ratings will be used in the following manner to determine security deposit requirements if the application is approved:
Credit Score Deposit
Less than 500 Ineligible (Declined)
550 – 579 1.5-months security deposit**
580 or higher 1-month security deposit
If FICO score is 550 or above, gross monthly income may meet the minimum standards of 3 times the total rent to qualify.
All residents over the age of 18 must consent to a criminal history verification using third party agency. Application(s) will be denied for any felony conviction within the last seven (7) years. Felony conviction for certain types of fraudulent activity, assault/battery charges, sexual crimes and/or violent crime(s) may be denied regardless of time. Misdemeanors may also be cause for denial based on the nature of the offenses.
† Certain municipalities and local jurisdictions require a landlord to provide criminal background reports for all rental occupants, including those under age 18. In those areas, Loving Homes Realty, will comply with local regulations and requires all occupants to consent to a criminal history examination.
Landlord/Tenant records within five (5) years of application date are automatically declined.
three () or more Landlord/Tenant records to any landlord that is reflected in applicant’s credit report will be automatically declined regardless of time or status of filing unless proof of court certified Landlord filing error is provided.
Applicant(s) that reflect only one (1) Landlord/Tenant record with a dismissed or terminated status will remain eligible to lease a home.
Landlord/Tenant filing records between five (5) to ten (10) years will require further detailed review of applicant’s overall credit history to determine eligibility.
A Non-Resident Guarantor must have no history of any types of Landlord/Tenant records including but not limited to evictions, housing payment delinquencies or open / unsatisfied judgments.
Rental Debt outstanding above a pre-determined value reflected on your credit report will be automatically declined unless proof of satisfied judgement(s) is provided.
Open bankruptcies will be cause for automatic denial unless a court letter of dismissal or discharge is provided. Dismissed or discharged bankruptcies that appear on the applicant’s credit report may be considered. Any rental debt that has been waived due to a dismissed or discharged bankruptcy may result in a declined application.
Loving homes realty welcomes your pets! Pets must be approved and a Pet Addendum to the lease is required. For approved pets, Loving homes realty charges a non-refundable pet fee of $250 for each approved pet and a monthly rent of $25 for each approved pet. When pets are approved, there is a maximum limit of three (3) domestic animals per household. Acceptable pets include dogs, cats, small caged animals. Restricted pets include Pit Bull Terriers, Rottweilers and any mix containing one of these breeds. Livestock, farm animals and poisonous, dangerous or exotic animals are also prohibited. Verified service animals and emotional support animals are permitted.
FAIR HOUSING POLICY
The agents of Loving homes realty adhere to the Fair Housing Law (Title VIII) of the Civil Rights Action of 1968 as amended by the Housing and Community Development Action of 1974 and the Fair Housing Amendment of 1988 which stipulate that it is illegal to discriminate against any person in housing practices because of race, color, religion, sex, national origin, disability, familial status or any other class protected by law.
FALSIFICATION OF DOCUMENTS
Any falsification in Applicant’s paperwork will result in the automatic denial of the application. In the event that, an Applicant falsified his/her paperwork, the Landlord has the right to hold all application deposits and fees paid to apply toward liquidated damages. Falsification of application is also grounds to terminate the lease regardless of when the falsification is discovered.
USE OF INFORMATION
The information provided in the application as a result of the authorization given herein by the Applicant will not be sold or distributed to others. However, Landlord and Landlord Agents may use such information to decide whether to lease the home to an Applicant and for all other purposes relative to any future lease agreement between the parties including the enforcement thereof.
APPLICATION DOES NOT CREATE A LEASE
Completed application(s), even if accepted, shall under no circumstance be considered a lease agreement between Applicant(s) and Landlord.