Eligible Tenant Requirements
Thank you for your interest in Sylvan Homes. Our qualifying criteria are outlined here. Please read these requirements thoroughly prior to application. Application fees are non-refundable.
APPLICATION DOES NOT CREATE A LEASE. This application, even if accepted, shall under no circumstances be considered a lease agreement between Applicant and Landlord, or an offer to lease. No lease shall exist between Applicant and Landlord unless and until the parties enter into a formal Lease Agreement and Applicant pays all required fees, deposits and advance rent.
AUTHORIZATION. By applying, applicant authorizes Sylvan Homes, LLC to verify your background, credit and rental history from all reporting agencies.
1) Applicant will submit 1 form of photo ID.
a) Acceptable forms of ID include:
b) State issued DL or ID
c) US Passport
d) US Permanent Resident Card
e) US Military ID (front and back required)
f) Valid foreign Passport + US issued work visa
2) Gross monthly income must equal or exceed 3 X total rent for occupant guarantors and 5 X total rent for non-resident guarantors.
a) Required income documentation:
b) Employed (1)
i) 30 days most recent pay stubs
ii) 60 days most recent bank statements if paid by direct deposit
iii) 90 days most recent bank statements with no stubs or direct deposit
c) New Job
i) Offer letter on company letterhead including hourly rate or salary, start date + any stubs to date
ii) Employment must be verified
d) Self Employed
i) Business must be in operation for 90 day
ii) 90 days most recent bank statements from personal account
iii) Copy of business license
e) Retirement, Social Security, Disability, GI Benefits, Alimony, Child Support, and other forms of fixed income (1)
i) Active issuing agency documentation (award letter, statement)
ii) 90 days most recent bank statements
f) Financial Aid
i) Formal documentation showing room and board allowance
ii) Documentation must be active
3) FICO Score
b) Resident guarantor minimum score = 500
c) Non-resident guarantor minimum score = 620
d) Security deposit determined by score
a. 580+ approved with 1 mo security deposit
b. 579-540 approved with 1.5 mos security deposit
c. <500-539 approved with 1.5 mos security deposit and the following:
i. Must prove employment for 12 mos or longer in same job @ 3x income
ii. Current Landlord needs to provide proof of timely payments for the last 6 mos
iii. Complete approved credit counseling course and provide certificate (Clearpoint.org)
iv. <500 denied
e) Market applicants with no FICO score may be considered with a gross monthly income of 5 X total rent and with a higher security deposit.
f) Voucher applicants with no FICO score may be considered by completing the Clearpoint.org credit counseling course and providing the certificate of completion.
4) Criminal History
a) All applicants with previous felony convictions of a violent or sexual nature as well as fraud related offenses are denied.
b) Registered sex offenders are denied
c) Any Felony convictions within the last 10 years are denied
d) Misdemeanor assault and/or sexual nature convictions may also be denied
e) Multiple misdemeanors in past 2 years denied
5) Credit History
a) No evictions within last 3 years; older cases require applicant to provide debt satisfaction letter or other proof of payment
b) No open bankruptcies
c) Any outstanding creditor debt or liens may be cause for denial without proof of satisfied judgement or payment plan in good standing
a) Acceptable pets include cats, dogs and small caged animals
b) Pitbulls and Rottweilers prohibited
c) Some dogs may require letter from licensed veterinarian verifying non-violent behavior
d) Non-refundable pet fee -$250 per pet
e) Limit 2 pets per household
f) Non-domestic, exotic and poisonous animals are prohibited
7) Holding Fee/Deposit
a) The holding fee is determined by your credit score upon approval.
a. Credit score of 580+ = 1-month rent
b. Credit score of 500-579 = 1.5 months’ rent
b) Holding fee must be delivered in certified funds within 48 hours of application approval to secure the property.
a. If Holding Fee is not received in certified funds within 48 hours, property will be returned to active marketing.
b. Approved applicant has a total of 14 days (inclusive of 48 hour holding fee period) to start lease and pay remaining monies owed including 1* month’s determined by lease start date.
c. Holding Fee will become the Security Deposit upon lease start date.
a) Desired move-in date must allow 5 business days
b) Vouchers must be active for a minimum of 30 days request an extension prior to applying for a home
c) Occupancy guidelines allow 2 people per bedroom +1 or in accordance with local/state laws where applicable.
9) Corporate Leases
a) Company must provide one of the following as proof of sufficient income:
a. Previous year tax returns
b. P&L statement for past 6 months
c. 3 months of most recent bank statements
b) Security deposit = 2 Months
c) Company to provide copy of corporate housing/lease policy ( if available).
d) Approved representative of company to sign lease as guarantor on behalf of the company.