Thank you for your interest in renting with Sylvan Homes. This page explains the criteria used in determining whether an applicant will qualify to rent with Sylvan Homes.
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 TO DO CREDIT AND BACKGROUND CHECK. Submitting an application, authorizing Sylvan Homes, LLC to verify your background, rental history and credit report from all reporting agencies.
INCOME: Gross income must be three times (3x) the monthly rental rate. Ratios: Rent-to-income ratio (RTT) may not be more than 33% of Guarantor(s) total gross monthly income.
- Employment – If applicant is to begin work shortly, the applicant must provide a “letter of intent” to hire from the employer.
- Self-Employment, Retired or Unemployed – Such applicants must provide the previous year’s income tax return and the previous two month’s bank statements, or twelve months of financial statements and must exhibit no negative references. Seasonal employment must be verified by providing the prior year’s tax return.
- Housing Choice Voucher Income Exception – If the housing Tenant has a split, the underwriter will verify income and recommend maximum rent they qualify for using the (3x) the monthly rent rate just for the Tenant portion.
- Guarantors – Guarantors will be accepted for applicants who do not meet the required rent-to-income ratio or denied on credit. Only one guarantor per house is permissible. For guarantor supported applications, an additional application deposit will be required. The deposit level will be based on the credit analysis. The guarantor will be required to complete an application and pay a full application fee. Guarantors must have a gross monthly income of 5 times the monthly market rent and meet all other qualifying criteria identified in this screening policy. The guarantor will be required to sign the lease as a Leaseholder. Guarantors may be relatives or an employer; friends may not serve as a Guarantor.
CREDIT: Applicants with a credit FICO score of 580 or better, qualify with Base Deposit. If the applicant’s score is less than 580 but not lower than 500, the applicant is considered “High Risk” and will be required to provide an additional ½ month deposit. Applicants with a credit score below 500 do not qualify for market rentals.
BASE DEPOSIT: Base Deposit for all Tenants is equal to One Full Month’s Rent. An additional deposit may be required for a credit score below 580.
PET FEE: Pets may be approved for certain properties after review, and with the addition of a Pet Addendum to the lease. For approved pets, Sylvan Homes charges a non-refundable pet fee of $250 for each approved pet. When pets are approved, there is a maximum limit of two (2) domestic animals per household. Domestic animals include cats, dogs and small caged animals. Any pet considered to be of a violent breed such as Pit Bulls or any pet with a history of violent behavior, may be prohibited. Please note that the Underwriter may request documentation from a veterinarian to confirm non-violent breed/history.
EVICTIONS: Applicant(s) with eviction(s) having occurred within past 3 years will be denied. Applicant(s) with eviction(s) having occur red greater than 3 years and up to 5 years , will be required provide an additional ½ month deposit. Applicants with eviction(s) greater than 5 years may qualify with Base Deposit.
RENT COLLECTIONS: Applicants with rental collections on their credit report must provide documentation to support the account has been paid in full prior to the date of application. If proof of the rental collection cannot be provided, the application will be denied.
BANKRUPTCY: Applicant(s) with open Bankruptcy are ineligible (Chapter 13 must be dismissed; Chapter 7 must be discharged).
LIENS/JUDGEMENTS: Applicants with open Tax Liens or Civil Judgments must either provide proof of satisfaction or that they are currently in compliance with a written payment arrangement.
CRIMINAL HISTORY: All Residents over age 18 must consent to a criminal history verification, which must indicate no felony convictions and no sexual offenses, including misdemeanors of a sexual nature.
OCCUPANCY GUIDELINES: The following occupancy standards apply based on 2 persons per bedroom, plus one per home (One Bedroom Three Persons, Two Bedroom Five Persons, Three Bedroom Seven Persons, Four Bedroom Nine Persons, Five Bedroom Eleven Persons). Residents who exceed these occupancy standards during the lease term will be required, upon the end of the current lease term, to either: i. Transfer into another available home which has more bedrooms; or ii. Move out Rent for the new home will be at the rental rate at the time the lease is entered into for the new home. Must be 22 years of age to qualify to rent a Sylvan Home.
RENTERS INSURANCE AND PEST CONTROL: Renters insurance and a pest control contract is required for each home prior to taking occupancy of the home. Proof of Insurance and pest service will be required prior to scheduling the move in.
COMMITMENT TO EQUAL HOUSING: Landlord and Landlord’s agents are committed to providing equal housing opportunities to all rental applicants regardless of race, color, religion, national origin, sex, handicap, familial status, or other protected status. Sylvan Homes welcomes qualified Housing Choice Voucher holders who have been approved for the Housing Choice Voucher program by the local housing authority.