Application Guidelines & Criteria

These criteria are for rental properties managed by HomeWorks Property Management Limited Liability Company

 

Pet and Smoking Policies:

● Pets are accepted on a property-level basis after they have passed our pet screening process.
● Smoking or Vaping is not permitted in or on any property.

Rental History Criteria:

We require that the Prospective Resident have 0 evictions on record in the last five (5) years. Each Prospective Resident, if separately living previously, is required to provide proof of rent payments of the last 3 months' rent prior to ending their previous lease. If previously living together, proof of rent payment must be submitted with the previous lease indicating their names and affix signatures along with the last three (3) months of proof of rent payment.

For Prospective Residents who do not have a Rental History, a Cosigner is required. A cosigner with no previous rental history is required to submit a separate application and will be screened based on the Lease Cosigner Requirements.

The following items can be considered a deniable factor:
● More than 3 consecutive late rent payments on record in a 12-month period and this includes publicly available Failure To Pay Rent Filings.
● More than 3 noise complaints on record in a 12-month period
● Broken lease agreements with previous landlords
● Inaccuracy or falsification of the rental application
● Owing a previous landlord or manager money

Income Requirement Criteria:

HomeWorks Property Management LLC accepts all forms of verifiable income as required by law.  Our policy is that Prospective Residents have a minimum gross monthly income of 2.7 times the monthly rent. If the applicant doesn’t meet this standard rent-to-income requirement, this will result in a co-signer requirement, or the application will be denied.

The following can be submitted as proof of income:
● One month’s worth of  most recent pay stubs
● Two most recent benefit statements
● Two most recent bank statements
● Trust Documents
● Award Letter
● Student Loan Packages
● Recent Income Tax Return
● A court order stating the monthly amount of child support or alimony, along with proof of the last two months of payments.

In lieu of the income verification documentation above, an applicant may pay the entire first year’s rent and security deposit upfront. The applicant must show available funds with a current bank statement to qualify for this option.

If you receive benefits for people under the age of 18 or others under your care, please include the most recent award letter for each occupant.

The following items can be considered a deniable factor:
● Lack of proof of income
● Falsification of income
● Cannot meet income requirements

Credit History Criteria:

Various factors from the credit report are used as screening criteria including the following:

● All property requires a 590 or above fico score. If the applying household has at least one prospective resident with a score below the minimum FICO score required, this will result in an increase of 100% to the security deposit. If it has at least one prospective resident with no FICO Score, a Lease Consigner will be required.
● A bankruptcy discharge will result in an increased deposit of 100%
● A paid rental collection and/or judgment will result in a cosigner requirement or the denial of the application.
● The final recommendation will also be dependent on income, rental, and public records.
● No More than three late payments to a creditor in a 12-month period
● No More than Two delinquent accounts
● Applications noting Chapter 13 bankruptcy will be accepted with payment plan documentation. Monthly payments outlined in the plan will be added to the debt-to-income calculation.

Deniable factors include:
● Unpaid rental collection or judgment(s)
● Judgments and/or liens in excess of $500.00
● Unverifiable Social Security Number, 
● Open Chapter 7 bankruptcy will result in an automatic denial of the application
● Closed Chapter 7 bankruptcies that are less than 5 years old will result in a denial of the application.
● Judgments and/or liens in excess of $500.00

Public Records Criteria:

An eviction and criminal records search will be conducted as part of the screening process.

Cosigner Requirement:

●The cosigner shouldn’t have any of the above reasons for the application denial.