What are the rental requirements for 219 West Main Street?
I am interested in renting from 219 West Main Street. What are your requirements?
- All applicants have a FICO credit score of 620-640 or greater.
- All applicants have a clear criminal history.
- All applicants have a fantastic rental history.
- All applicants have an income 3-4 times the rent.
- All applicants have a fantastic employment history or are retired.
- All applicants can qualify for Security Deposit Insurance.
- All applicants have savings to pay a few months of rent and moving costs.
- All applicants have a relatively low debt load.
What information do I need to qualify?
- Pay stubs for the last month, other proof of income, or proof of ability to pay.
- A list of all current and previous addresses and landlord contact name, address, and phone number for the past 5 years.
- A list of all current and pervious employer name, contact name, address, and phone number for the past 5 years.
- A list of debts to include credit cards, bank loans, car payments, payment plans for goods such as furniture, etc.
- A state issued drivers license or state issued identification card or qualifying federal identification.
- A social security card or proof of social security number issuance that includes a full name and social security number.
All applicants/residents must qualify.
All adult residents must fill out an application in full, pass a complete background check, have proof of sufficient income, have good credit, have a clear criminal report, provide a rental history, provide a complete set of references, and be on the lease. No exceptions.
Credit Score
It is important to have a good credit score. While online tools will not always give credit scores to the landlord, the minimum FICO score these tools allow for approval is 620-640. Check your credit score yourself. Federal law allows anyone to check their credit from the three major credit reporting companies Equifax, Experian, and TransUnion. There are many ways you can do this. One is directly. One is using a credit score management company. Here are the direct links to Equifax, Experian, and TransUnion.
There are third party sites that help you manage your credit. Some provide scores while others do not. One site the industry uses is Annual Credit Report. You can also Google to search for more options and information.
Clear Criminal History
It is important to have a clear criminal history. Online tools make recommendations based upon what is found without exposing too many details that a landlord should not have. Landlords believe in redemption, of course, however, will often follow the recommendation of the tool overall when considering an applicant. Landlords will not consider an applicant with a current criminal history. The report to the landlord includes convictions only. However, landlords will often check with the local police to ensure the applicant is not known locally. Why? Because sometimes a person causes a lot of trouble without an arrest record.
Rental History
It is important to have a good rental or property ownership history. Online tools will find previous and current addresses. Expect that your previous and any current landlord to be contacted. A good rental history is required. For first time renters, it is important to bring your A game such as credit score, employment history, references, etc. The report includes long and short-term residences, vacating, landlord judgements, evictions, etc. No applicant with short-term rentals, who vacated without notice, has previous landlord judgements, and prior evictions will be accepted. If you feel you have a case you want the landlord to consider, you can discuss this, however, full documentation and calling the previous landlord will be required. This incudes any case jurisdiction, case numbers, etc. The landlord may choose to investigate the case and make a decision.
Employment History or Income Verification
It is important to have a good history of qualifying income. Online tools will find previous and current employers. Employment of at least two years is required or continued employment within the same field for more than three years is required. One month of pay stubs will be required. Previous and current employers will be contacted. If you are disabled, proof of your disability income along with other benefits will be required to ensure ability to pay. Current HUD recipients will be considered, however, if you currently do not have HUD benefits, the wait time for HUD benefits can be significant and cannot be added as income. If you are retired, proof of ability to pay is required. Total income of all types should be no less than three times the rent and ideally four times the rent. Debt load is also considered. For example, a car payment, credit card debt, etc. Ideally, total rent, expenses, and debt load should not be more than 50% though it can be higher providing the credit score is high enough to ensure ability to pay.
Valid ID
A state identification card or drivers license helps to ensure the landlord is dealing with the person on the application. The landlord will need to see and document a valid drivers license or state issued identification card. The landlord will want to ensure that the identity of the applicant is valid and not stolen or fraudulent. No other form of id will be accepted except for possibly federally issued identification cards such as a military id or veteran id.
Proof of Social Security Number
A valid Social Security Number and date of birth are critical for credit and background checks. Lets face it, identity theft is an issue for everyone. A Social Security Card is required or governmental proof of social security number that includes a full name, number, and issuance information. The Social Security Number and name will be checked to ensure that it is valid and not stolen or fraudulent.
Security Deposit, Surety Bond, Security Deposit Insurance
I require Security Deposit Insurance. Landlords are required to have established relationships with security deposit insurance companies in order to provide insurance to prospective tenants and any applicant can only purchase security deposit insurance from those companies. Security Deposit Insurance companies assess risk by performing their own credit and background check. This include credit history, evictions, landlord judgements, criminal history, rental history, employment history, etc. If you are unable to purchase a policy, I will not rent to you. I will no longer accept security deposits. Why? Because security deposits as allowed by law rarely cover the losses of a bad tenant. Security Deposit Insurance significantly benefits both the prospective tenant and the landlord.
First Month Rent
It is expected that the first month of rent is paid before the lease is signed and any keys given. No exceptions. If the applicant wants to pay by check, the landlord will ensure the payment is valid and has cleared before signing a lease and handing over the keys. This can take a few days. Cash payments are always accepted. Electronic payments equivalent to cash that cannot be canceled are fine. This would be a bank card payment but not an e-check or credit card payment. No other form of payment will be accepted. Ideally, any applicant should have three or more months of rent in their bank accounts. However, if an applicant requires assistance to move in, the landlord will likely reject the applicant. Ability to pay rent must be assured.
Utility Debt
Landlords may check for debts with utilities. Many have come with thousands of dollars of debt and cannot qualify for establishing credit with utility companies. A reasonable past due amount is fine of course. However, an extensive amount of debt does not assure the applicants ability to pay.
Occupancy
The law allows one person per 125 square feet of bedroom space. This does not include infants and toddlers. A one bedroom apartment allows for two people. A two bedroom apartment will allow for more depending upon square footage of each bedroom. All adult residents (18+) are required to fill out an application, have a background and credit check, have an employment history or income check, have their references checked, and be on the lease. All children will be considered for occupancy. If you require more, then a larger apartment will be required.
Small pets and service animals as allowed by law.
Service animals are not pets and must be medically required and certified as per the law. This landlord follows the law. All animals not required by law will be regulated by the pet policy. Currently, the landlord does not allow dogs but will consider other smaller animals. No snakes, replies, and other animals to include farm and wild animals will be allowed.
