The criteria below will be used as a basis for the approval of your application for tenancy. As you review the requirements, please note the following:
We thank you for your application and consideration of one of our properties. We appreciate and value your time and look forward to serving all of your housing needs. We regard you as an important customer and are grateful for the opportunity to assist you in your endeavors to find quality, affordable housing.
Here's What You Need To Know
$25 NON-REFUNDABLE APPLICATION FEE
Each applicant is required to pay a non-refundable application fee to cover the expenses associated with the approval process. Cosigners are subject to the same rental criteria and screening. Additional $5 processing fee if paid online.
All applicants over the age of 18 are required to provide a current photo identification. All applicants must be of legal status to reside in the United States.
Employment will be verified. At a minimum, employment history should reflect three consecutive months with current employer, and at least six months at previous employment. Students or recent graduates must provide proof of enrollment or graduation. Self-employed applicants must provide 3 months of bank statements and most recent tax return.
Full time students (not working) can qualify with written verification of financial aid, parental support, scholarships, and/or supplemental savings. A co-signer may be considered in this situation.
The combined monthly income of all applicants must be at least three times the proposed monthly rent. The total debt-to-income ratio, including the proposed monthly rental amount, cannot exceed 40%. Those who do not meet the income and employment requirements must provide a cosigner and/or savings account statements showing satisfactory balance of funds. Applicants also may qualify if they pay their last month's rent up front in addition to the first month's rent and security deposit.
Applicants must provide the name, address, contact information, and dates of tenancy for previous landlords for a period of two to six years. An immediate denial will occur for any of the following reasons; previous eviction, defaults in lease agreements, untimely rental payments, false or misleading application information, or outstanding balances owed to any other property owner or management company. You are responsible for providing accurate contact information for current and past landlords. If we cannot reach your rental references, after making a good faith effort, we reserve the right to deny your application. If you have owned your own home, mortgage history will be evaluated.
Applicants will provide the name and contact information of two UNRELATED personal references on application.
Credit scores must be 550 or higher and must reflect that all accounts are discharged or current. Applicants with negative credit history still may apply but a co-signer will be required and/or a last months rent will be collected at lease signing. Any bankruptcy must have been discharged at least 6 months prior to application date.
In some circumstances, we will consider a co-signer. A co-signer will be required to fill out a separate application and pay an application fee. The co-signers credit must be above 725 and their total debt-to-income ratio including the proposed rent amount cannot exceed 40%. If approved, co-signer will sign a co-signer agreement. Our strong preference is to rent to applicants who can qualify on their own.
By submitting an application, an applicant agrees to allow Home Basics Real Estate to order a criminal background check. If the report shows prior convictions, Home Basics Real Estate will consider the severity and timing of the incident to determine the potential risk the applicant may pose to the rental unit, other tenants, or management company. Convictions related to violent crime, sexual misconduct, and drug manufacturing or distribution may result in an automatic denial of application.
Generally, two people per bedroom. Most of our rental properties are for one family or up to three unrelated adults. We follow local and city zoning ordinances and guidelines.
FIRST MONTH'S RENT / SECURITY DEPOSIT
Upon signing lease agreement, applicant must pay the first months rent and the security deposit before the move in date. The security deposit is equal to one months rent. Home Basics Real Estate will not accept installment payments on the first month's rent or security deposit.