Landlord Lease Qualifications

All landlords have different requirements, but a many of them require the following.  Before you take the time to search for a home, fill out paperwork and pay application fees, review this list and make sure you qualify.  If you have any concerns about any of these items, please let me know so I can negotiate with the agent or landlord to make an exception on your behalf.

  1. Your income is equal or greater than 3 times the monthly rent.
  2. Provide proof of current employment and most recent paystub(s).
  3. Self-employed applicants must provide bank statements for last 3 months AND a copy of last 2 years filed personal & business tax returns.
  4. Your credit score is above 600 (some require 650+ score otherwise an increase in security deposit is required).
  5. No eviction filings (even if dropped).
  6. No felonies.
  7. No bankruptcy within the last 7 years.
  8. No broken leases, violations, outstanding past due amounts or prior Property Manager/Landlord 'Ineligible for Relet'
  9. You have a current and valid government issued photo ID (i.e. Texas drivers license or passport)
  10. Must have verifiable mortgage history or documented rental history of a home (not apartment) for a minimum of 3 years.  Rental history must be with a Rental/Property Management Company or an unbiased Landlord (other than a family member).

 

I recommend a tenant screening process before you submit any applications and fees.  To learn more about this free and secure screening from TransUnion credit reporting agency visit https://www.mysmartmove.com/SmartMove/tenant-screening-services.page

 

 

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