Qualification Requirements
Before you apply to lease a Waypoint home, please take the time to review this screening policy. All persons 18 years of age or older, not dependents, will be required to complete separate rental applications. Applicants with adult dependents and applying for residency will complete a joint application.
Occupancy Guidelines – The following occupancy standards are based on 2 persons per bedroom, plus one per home.
- Three Bedrooms: Seven persons
- Four Bedrooms: Nine persons
- Five Bedrooms: Eleven persons
- Six Bedrooms: Thirteen persons
Credit – A credit report will be completed on all adult leaseholders to verify credit worthiness. We will also perform an Eviction search and Criminal Background check.
Deposit amounts will be determined based on the Primary Applicant’s FICO score
All outstanding housing-related collection accounts must be paid off, or reflect that payment arrangements are in place with evidence of the first payment made, prior to move in. This includes utility collections and collection accounts from prior landlords.
All cash advance or payday loans must also be paid off or payment arrangements in place with evidence of payment history prior to move in.
A criminal background check must be passed before further approval consideration is given. A criminal background check will be conducted for each applicant and occupant age 18 years or more.
Income – Gross income for all applicants in one Waypoint Home will be combined to establish Gross Household Income. All applicants will be asked to produce consecutive and most recent pay stubs for the last 4 weeks from application date. Applicants must have a minimum income of 35% rent to combined adjusted income (Gross household income less monthly debt equals adjusted income x 35%). If the applicant can establish a 2 year stable employment history, we can qualify at 40% Rent to Adjusted Income (RAI)
Example:
Combined Gross Household Income = |
$6,000 |
Existing Household Debt = |
$500 |
Disposable Household Income = |
$5,500 |
Maximum Rent at 35% = |
$1,925 |
Maximum Rent at 40% = |
$2,200 |
To verify income we accept the following:
Employment – One month’s worth of most current paystubs. Offer letters will be accepted only when the job has started less than 30 days. All offer letters must also be verbally verified for authenticity. For future start dates, an offer letter along with prior paystubs can be accepted. A letter of employment on official company letter head may be accepted at the sole discretion of the management company.
Government subsidy or retirement benefits – Recent Benefits Statement or current print out from issuing agency are accepted. Evidence of direct deposit may be considered with no less than 3 months bank statements.
Savings/Stocks/Bonds – Savings can be considered in lieu of employment or other monthly income if the vested balance shows at least 3 times the annual rent.
Self Employed – For self-employed persons, we require the most recent tax return and 6 months bank statements, and a copy of any relevant business license. i.e. a self- employed general contractor will submit a copy of an unexpired contractor’s license.
Rental/Mortgage History – Waypoint Homes requires written Verification of Rent (VOR) or Verification of Mortgage (VOM) on all Primary Applicants with FICOS below 625.
|
Denials – Once an application is denied, it becomes inactive for 45 days.
Approvals – Approvals are good for 45 days from the approved date and will require new apps and income docs after.
