How to Qualify
Beautiful Rental Homes
How to Qualify
Beautiful Rental Homes
How to Qualify for a HomeProp Rental Home
In order to qualify for a HomeProp rental, you must pass a screening of identity, income, credit, criminal record, and rental history. Below are the standards that will lead to a positive application outcome:
Identity
- 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
Income & Work History
- 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
Credit
- Score minimums & collections limits vary by rent band. Minimum credit score of 500 is required.
- 3-year prohibition on prior Landlord collections and evictions
- 5-year prohibition on bankruptcy
- Guarantors have higher qualifying criteria on credit factors
Criminal History
- 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
Rental History & Eviction History
- 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
Additional Items
- 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)
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