Qualifying Information

• What are your income requirements to rent?

  Applicants must have documented and verifiable gross income equal to at least three (3) times the monthly rent amount. Please refer to the "Before You Begin" section of the application for a list of required income documentation.

  A maximum of two adult incomes may be combined to meet the income requirement. W-2 employees must demonstrate that they have met the required income level for at least the three months immediately preceding the application date.

  Applicants who are self-employed or receive 1099 income must demonstrate that they have met the required income level for at least the six months immediately preceding the application date.

  Self-employed applicants must provide documentation showing their personal income separately from their business income. For those individuals that cannot show their separate personal income from the business, a maximum profit margin of 20% of the business income will be used as personal income, or the actual industry standard as applicable.

• What are your credit score requirements?

  1. The preferred applicant will have a credit score of 625 or higher.
  2. Applicants with credit scores between 550 and 624 may be considered subject to owner approval and additional security deposit requirements where permitted by law.
  3. Credit scores below 550 will result in denial.
  4. We also review rental-related collections, landlord-tenant judgments, eviction history, and overall credit profile.
  5. Applicants with an eviction older than five (5) years may still be considered if they can provide five (5) years of positive, verifiable rental history from a non-family landlord or licensed property management company.

  Credit information is obtained using the VantageScore® 3.0 model provided through Experian.

• What are your employment history requirements?

  Applicants must have maintained continuous employment with the same employer, or continuous income from the same source(s), for at least six (6) months immediately preceding the application date. Applicants must also demonstrate that their employment or income is reasonably expected to continue for at least six (6) months after taking possession of the rental property.

  Self-employed and 1099 applicants must have maintained continuous income from their business or contract work for at least twelve (12) months. In addition, they must provide:

  • A completed federal tax return for the most recent tax year, including Schedule C (Profit or Loss from Business) reflecting a full 12 months of income.
  • Six (6) months of personal bank statements showing deposits that support and verify personal income.

  Please refer to the "Before You Begin" section of the application for a complete list of required documentation.

• What are your rental history requirements?

  Our company verifies a minimum of the most recent three (3) years of rental, residence, or mortgage history.

  Rental History is defined as a written lease agreement between the applicant and a non-family landlord or licensed property management company.

  Residence History is defined as verifiable occupancy of a residence confirmed by the property owner or licensed property management company, even if rent was not paid directly by the applicant.

  Applications may be denied if any of the following conditions exist:

  1. Rental or residence history cannot be verified, including our inability to verify the landlord reference, contact information provided, or the reference's affiliation with the property.
  2. More than three (3) late rental payments within any 12-month period.
  3. More than nine (9) late rental payments within any 36-month period.
  4. Any outstanding balance owed to a current or former landlord.
  5. Any outstanding balance owed to a current or former utility provider in excess of $500.00.
  6. Negative housekeeping reports from a current or former landlord.
  7. Any rental-related judgment or eviction within the past five (5) years. Applicants with a prior eviction must demonstrate at least five (5) years of established, verifiable rental history with a non-family landlord or licensed property management company following the eviction.
  8. Any record of default (failure to perform) under the terms of a rental agreement or lease. Applicants with a prior default must demonstrate at least five (5) years of established, verifiable rental history with a non-family landlord or licensed property management company following the default.

  Please note that providing false, misleading, or unverifiable rental history information may result in denial of the application.

***QUALIFICATIONS/REQUIREMENTS ARE SUBJECT TO CHANGE AT PROPERTY OWNER’S REQUEST***

• Do you allow pets?

  Please read each ad carefully. The following statements are placed in the advertisement: “Sorry, no pets”, OR, “Pets may be considered, depending on type and number of pets, owner approval, and additional deposit required”. Note: Due to property insurance requirements, Pit Bulls are never allowed. If your application is approved, you will be required to fill out a pet/animal screening profile through our firm’s third-party pet screening service.

• How much is the Application Fee?

  Our application fee is $50.00 per adult (18 years and over). This fee is for processing the application and our cost to run the credit report. Actual costs to process each application is as follows: Resident Screening Report = $ 20.00 each, Credit card processing = $ 5.00, Application Processing & overhead charges = $ 45.00 per hour. One hour minimum.

• How long does it take to process my application?

  It generally takes 3 to 5 business days (Mon – Fri). for us to process completed applications. Processing times can vary depending on the number of applications in process and our ability to contact your references. The first application to be confirmed as complete and qualified will be considered for approval.
  

  Applications are not considered complete and will not be processed until an application from all adults who will be residing in the home and all requested documentation is received.
  

  Time is of the essence. All application processing is done in writing, by email. It is the applicant’s responsibility to respond in a timely manner to all inquiries from our application processors. Applicants who are non responsive for more than 48 business hours will be denied and the next complete application received will be considered.

• How much is the Deposit?

  The minimum deposit is equal to one month’s rent. When applicable, it may increase to as much as 2 months rent due to prior late payments reported from rental history verification, having less than 3 years recent and verifiable rental history, pets, and information contained in your credit report.

• Do you work with Section 8?

  Yes, Our company has always worked with the Section 8 program.

Please contact Provest Realty Inc. with any other questions.