Sheila Watkins Real Estate on Page http://www.lighthouse-realestate.com/find-real-estate/ Home Buyers United States Real Estate
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RENTAL CRITERIA FOR ALL PROPERTIES
The following are standards that will be used to judge your application for tenancy. You must meet the following standards to qualify for rental of the property you are considering. All tenants are considered on the same standards, one person or family at a time, on first come first served basis.
$50 APPLICATION FEE – Each applicant 18 years old and above, is required to pay the fee charged by which is for credit report, criminal background check and verifications. Cosigners for applicants are subject to the same rental criteria.
IDENTIFICATION – All applicants 18 years old and above must provide current photo identification at the time of application.
EMPLOYMENT REQUIREMENTS – Employment will be verified. At a minimum, employment history should reflect a total of two years. Recent graduates, not having 2 years work history, must provide proof of graduation. Self-employed must provide business license and income verification.
INCOME REQUIREMENTS – Combined gross income of all persons living in the rental should be equal to or greater than 2.5 times the rent amount. The total of rent and monthly debt obligations should not exceed 50% of the combined gross income. Applicants that do not meet the above employment or income requirements may need a Cosigner. Advanced rent payments and higher security deposits may also be a remedy for credit issues, etc. A bankruptcy is an automatic $500 extra on the security deposit (This extra amount is refundable) Section 8 Housing tenants qualify based on the portion of the rent they are required to pay, all other requirements are the same.
RENTAL HISTORY – Applicants must provide name, address and dates of tenancy for current and previous landlords for a minimum of two years. An applicant may not be approved if there are any previous derogatory rental references. Previous homeownership will be verified on the credit report and/or county tax records.
CREDIT HISTORY – Your credit history will be considered during the approval process. Please be upfront and honest when considering an application. Tenants MAY be approved that have had Bankruptcy, Medical collections, and some other derogatory types of credit depending on the individual situation. This may result in a higher deposit requirement.
CRIMINAL HISTORY – Your application will be rejected if you have been convicted for any type of crime that would be considered dangerous to the rental property, other residents or neighbors.
MAXIMUM OCCUPANCY – Varies by property.
PETS – Pets may be allowed with approval of pet, pet deposit and pet fee and/or monthly pet rent agreement. If the property allows pets, there is an additional deposit of $300.00 for dogs and $500 for cats. In addition, there is a monthly pet rent of $30/dogs and $50/cats.
SERVICE ANIMALS - Must be disclosed during the application process and our standard forms completed by the applicant, along with the Doctor signed form filled out and stating the animal/breed being prescribed. All documents should be provided right after the application is submitted. Lighthouse verifies with the Doctor that they actually signed the form. If the Doctor is not willing to verify they signed it, the service animal can’t be approved until they do. Missing verification or documentation more than 3 days will cause the applicant to be taken out of the first position for the rental.
SECURITY DEPOSIT – The total security deposit varies per property and is depending upon your credit history. Security deposits may be increased depending upon how your credit, employment and reference history checks out. The final security deposit amount is fully refundable based upon returning the premises in the same or better condition as when you moved in.