Rental Requirements

Rental Qualification Criteria and Rental Requirements

Before submitting your rental application, please review the following eligibility requirements and responsibilities. Application fees are non-refundable. Failure to meet these requirements may result in denial of the application. At HomePros Management, every application is reviewed using the same qualification standards and in accordance with all applicable federal, state, and local Fair Housing laws. Each application is evaluated based on the overall qualifications of the applicant, such as income, credit, rental history, background screening, and the ability to meet the lease obligations.  Meeting the minimum qualification standards does not guarantee approval. Likewise, an applicant is not denied based on any single factor unless otherwise stated in this policy.

1. Identification Requirements

Each applicant must:

• Be at least 18 years of age.
• Submit a completed rental application.
• Provide valid government-issued photo identification.
• Authorize verification of income, credit, rental history, employment, and background information.

Every occupant who is 18 years of age or older must complete a separate application.

Applicants who do not have a Social Security number may provide an Individual Taxpayer Identification Number (ITIN) or other government-issued identification. Additional documentation may be required to complete identity, credit, income, and rental history verification.

2. Income Requirements

Applicants must demonstrate sufficient and verifiable income to comfortably meet the rental obligation.

Income Guidelines

• Combined gross monthly household income should generally equal 2.5 to 3 times the monthly rent.
• Applicants with income below 2.5 times the monthly rent may still be considered but may be required to provide an increased security deposit of up to 1.5 times the monthly rent, if permitted by law.
• Income must be stable, consistent, and verifiable.

Acceptable Proof of Income

Examples include:

• Recent pay stubs
• W-2s
• Tax returns
• Bank statements
• Employment verification
• Government benefit statements
• Retirement or pension income 

Self-Employed Applicants

Self-employed applicants must provide documentation demonstrating consistent income, such as:

• Business bank statements
• Personal bank statements
• Federal tax returns
• Profit and Loss statements

A minimum of 12 months of self-employment history is required. Income may be averaged over the previous 12 months to determine qualifying monthly income.

3. Credit Requirements

Credit history is reviewed to evaluate an applicant's financial responsibility and payment history. Credit score is only one part of the overall evaluation.

General Credit Guidelines

Additional credit information that may be considered includes:

• Payment history
• Collections
• Charge-offs
• Outstanding debt
• Judgments
• Bankruptcies
• Repossessions
• Foreclosures
• Overall credit profile

Applicants with a credit score below 620 may be required to provide an increased security deposit of up to 1.5 times the monthly rent, if permitted by law. Applicants with a credit score below 550 may be considered with a qualified guarantor or co-signer, when acceptable to the property owner.

Limited credit history does not automatically disqualify an applicant. Other qualifying factors may be considered.

Examples of compensating factors include:

• Stable employment
• Strong income
• Positive rental history
• Qualified guarantor, when permitted

4. Rental History

Rental history is an important part of the application review. We evaluate an applicant's demonstrated ability to meet lease obligations and maintain a positive rental history.

Factors that may be reviewed include:

• Previous landlord references
• Length and stability of rental history
• On-time rental payment history
• Lease compliance
• Property care
• Outstanding balances owed to current or former landlords
• Lease violations
• Previous eviction records