BEFORE YOU BEGIN:

APPLICATION REQUIREMENTS 

All occupants over 18 must submit an application. A valid submission includes:

• Fully completed application
• All required documents uploaded
• All co-applicants have applied

PROCESSING:

• Fully complete applications are processed on a first-come basis.
• The first qualifying applicant will be approved.
• Incomplete applications will not hold priority.

CHECKLIST OF REQUIRED DOCUMENTS:

• Rental history (5 years) with contact information
• Photo ID
• Verifiable income documentation (including bank statements) *See item 2 for acceptable income documents
• •All co-applicants applications
• Pet photo (if applicable)
• RFTA or RUA packet including F Sheet (if applicable)
• Housing Assistance recipients must provide three different bill payment histories (utilities, car, phone) for the past 12 months.
• Housing Assistance recipients on an escalating rent payment program must provide their Financial Plan.
  

INCOME VERIFICATION REQUIRED INCOME DOCUMENTATION:

• Four (4) most recent bank statements showing clear deposits *must accompany all forms of income documentation for all applicants
• Four (4) most recent pay stubs (or 2 months equivalent)
• W-2s, 2 years most recent tax returns, 6 months most recent bank statements (if an independent contractor)
• Proof of social security, disability, government payments, retirement, student loans, child/spousal support, or rental subsidies
• Self-employed individuals must provide:
• Business license
• Profit & Loss statement
• 2 years of tax returns
• 6 months of business bank statements 

GOVERNMENT VOUCHER REQUIREMENTS (SB-267):

Applicants under HUD jurisdiction do not undergo a credit history check.

QUALIFICATION REQUIREMENTS (GOVERNMENT VOUCHER):

• Income: 3x your portion of rent
• Proof of ability to pay:
• 2 years of on-time rental payments with a positive reference
• Three different bill payment histories (utilities, car, phone, etc.) for 12 months
• 4 months of bank statements & income documentation
• No evictions
• Negative rental history or 3+ late utility payments in 12 months = denial

A debt-to-income, or DTI, the ratio is derived by dividing your monthly debt payments by your monthly gross income. The ratio is expressed as a percentage, and we use it to determine how well you manage monthly debts -- and if you can afford for the rental you are applying for.

To calculate your debt-to-income ratio, add up all of your monthly debts – rent payments, student loans, personal loans, auto loans, credit card payments, child support, alimony, etc. – and divide the sum by your monthly income. For example, if your monthly debt equals $2,500 and your gross monthly income is $7,000, your DTI ratio is about 36 percent. (2,500/7,000=0.357).

THE POINT SYSTEM FOR APPROVAL:

We use the point system below so that each applicant has the exact same standards applied to their application.

1. Credit Score (FICO)

For a credit score of N/A, a default score of 600 is used.

<599 = 0 points

600 - 649 = 1 point

650 - 699 = 2 points

700+ = 3 points

2. Gross Monthly Income (Combined income for all applicants applying)

2 times the monthly rent or less = 0 points

2.0 - 2.49 times the monthly rent = 1 point

2.5 - 2.99 times the monthly rent = 2 points

3 times the monthly rent or more = 3 points

3. Debt to Income Ratio (Combined income for all applicants applying)

DTI greater than 57% = AUTO DENIAL

50-57% = 0 points

46 - 49% = 1 point

41 - 45% = 2 points

Less than 41% = 3 points

4. Payment History from Credit Report

*COLLECTION FOR CASH ADVANCE OR PRIOR RENTAL IS AUTO DENIAL*

3+ Negative = 0 points

2 Negative = 1 point

1 Negative = 2 points

All+ , N/A, or only negative Med/Ed = 3 points

5. Length of Last 5 years of residency at current

*LIVING WITH FAMILY WILL EQUAL A TOTAL SCORE OF 1 POINT*

*BREAKING OF LEASE WILL CAUSE DEDUCTING 1 POINT*

12 months or less = 0 points

13-24 months = 1 point

25 – 48 months = 2 points

49+ months = 3 points

* Living with family = 1PT*

6. Late Rent or Mortgage in last 2 years

*EVICTION ON RECORD IS AN AUTO DENIAL*

*LIVING WITH FAMILY = 1PT*

3 or more late payments = 0 points

2 late payments = 1 point

1 late payment = 2 points

0 late payments = 3 points

Total score for all applicants are added together and divided by the number of applicants.

13+ points = approved

12 points = approved with the condition of requiring a co-signer

11-0 points = not qualified