Home

Qualification Requirements


Welcome to Waypoint Homes. 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. The term “applicant(s) under this policy means the person or persons that will be signing the Lease as “residents”; the term “occupant(s)” in this policy means the person or persons that are authorized occupants under the Lease.

Please also note that these are our current rental criteria; nothing contained in these requirements shall constitute a guarantee or representation by Waypoint Homes that all residents and occupants currently residing in a Waypoint Home have met these requirements.

1.

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

2.

Age – Applicants must be 18 years of age or older unless deemed to be an adult under applicable law with respect to the execution of contracts.

3.

Credit – A credit report will be completed on all adult leaseholders to verify credit worthiness. We will also perform a search of Landlord/Tenant Court records and a Criminal Background check.


A security deposit is required upon move-in. Deposits are refundable upon move-out, less any charges assessed for damage to the property and any unpaid balance owed at the time of move-out. Deposits may not be applied to first month’s rent or towards rent at any time during the residency.


Deposits can be made in the form of money order, certified funds or cashier’s check or a combination of the above.


Security Deposit Requirements

FICO scores below 600 = 1.5 month deposit


FICO scores 600-700 = 1 month deposit


FICO scores above 700 = $1,000 deposit


In the event that we are unable to verify rental history, the deposit requirement is 2 months all paid in the form of certified funds to Waypoint Homes.


Applicants with Undocumented Income

Applicant must meet all other screening criteria to qualify for the home. If the applicant qualifies in all other areas, applicant will be accepted with an additional 2-month deposit and 6-months of pre-paid rent. (Or the maximum allowable by region, at the discretion of the Regional Director.) The applicant must execute a Pre-Paid Rent Addendum and pay the 6-months prepaid rent at move-in.


Outstanding Debt (Utilities or cash advance/payday loans)

All outstanding collection accounts in excess of $500 incurred in the past seven years for utilities or cash advance/payday loans, will trigger a decline. Any utility and payday loan debt $500 and under will not be required to be paid. Proof current utilities are in applicants name with no delinquent balance is required. If proof cannot be obtained, the debt will be required to be paid.


Outstanding Debt (Prior Landlord)

All outstanding debt owed to a prior landlord; applicant will have 48 hours to prove the debt does not belong to them. If not received within 48 hours, application will be declined.


4.

Each applicant will be required to pay an application fee of $45, plus tax and a processing fee of $1.99.

5.

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. The application will be denied for any of the following related reasons that have occurred within the timeline identified below prior to the application deadline date regardless of the applicant’s age at the time the offense was committed. All records are evaluated from the date of disposition.



Felony Offense

Time of Evaluation

  • Crimes against a Person or Property

7 years

  • Drug Related Offenses

7 years

  • Theft by check related offenses

7 years

  • Worthless check and/or counterfeit check related Offenses

7 years

  • Sex related offenses and Terrorism related Offenses

Declined regardless of time

  • Prostitution related offenses

7 years

  • Weapons related offense

7 years

  • Cruelty to animals related offenses

7 years

  • Felony offenses that do not fall within categories
    Above (ex: traffic, DUI)

7 years; 5 years felony DUI

  • Pending Cases and/or arrest warrants

Approved

  • Active status on Probation and Parole

Off Probation/parole for 5 years

  • Pre-trial Intervention/Diversion

Approved


Please remember that this policy does not constitute a guarantee or representation that residents or occupants currently residing in a Waypoint home have not been convicted of or subject to deferred adjudication for a felony, certain misdemeanors or sex offenses requiring registration under applicable law; there may be residents or occupants that have resided in a Waypoint Home prior to implementation of this policy; additionally our ability to verify this information is limited to the information made available to us by the resident credit reporting services used.


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 demonstrating a minimum of 3 months of income from the application date. Can be demonstrated in one of the following ways:


  • YTD Paystub=>3 months
  • Prior Year W2+ YTD Paystub
  • Current paystub+ prior job paystub=3 months

Handwritten paystubs are insufficient documentation for income verification.
Handwritten paystubs must be supported by bank statements/deposits. (3 months)


Additional sources of verifiable income may be considered. These sources may include: child support, grants, pensions, GI benefits, disability, trust funds, social security and savings accounts. (The applicant must supply six current consecutive months of bank statements if any of the additional sources of income listed above if written verification cannot be provided directly from the supplier.)


Any non-taxed income will be grossed up by 25%.



To verify income we accept the following:


  • Employment
    3 months verified income in one of the ways described above. Offer letters will be accepted only when the job has started less than 30 days and most recent paystubs from prior job are required. 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.

Application Scores

FICO scores, gross household income and monthly debt are evaluated to determine the Application Score. Application Scores returned sub 55 will be declined. FICO score below 525 will likely result in a decline.


Bankruptcies

Applicants with open Chapter 13 bankruptcies will be declined. Applicants with evidence of Bankruptcy(s) in the last 7 years are subject to manager approval.

6.

Rental/Mortgage History - Waypoint Homes requires written or verbal Verification of Rent (VOR) or Verification of Mortgage (VOM) on all Primary Applicants. Primary Applicant must have 6 months positive rental or mortgage history within the past 24 months. If a previous landlord cannot be contacted, 6 consecutive months of proof of payment must be verified and a copy of the lease contract must be provided. Applicants not having verifiable rental history will have to pay a total deposit equal to two month’s rent.


Negative VORS will trigger a decline for any of the following reasons:


  • Outstanding debt to a previous landlord or an outstanding NSF check not paid in full;
  • A breach of a prior lease or a prior eviction or if any applicant or occupant is in the process of eviction;
  • More than 5 late payments and/or 2 NSFs within the past 12 months;
  • Documented complaints or damages.

7.

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 applicant is permissible. For guarantor-supported applications, guarantor will be required to complete the application and pay a full application fee. Guarantors must have a gross monthly income 3.5 times of the monthly rent and meet all other qualifying criteria identified in this screening policy. The guarantor must execute the Residential Lease Guaranty form at the time of submitting the rental application. Guarantors may be relatives, or an employer; friends may not serve as a Guarantor. Guarantors are to be presented at initial application. If an applicant is denied, they must wait 45 days for restart application process. If a Guarantor is added after applicant denial, RD approval is required to waive the 45 day waiting period and approve with the Guarantor.

8.

Falsification of Application – Any falsification in Applicant’s paperwork will result in the automatic denial of application and applicant will not be given the option of reapplying. In the event that an applicant falsifies his/her paperwork, applicant will forfeit all deposits and fees paid.

9.

Denials – Once an application is denied, it becomes inactive for 45 days.

10.

Approvals – Approvals are good for 45 days from the approved date and will require new apps and income docs after.


We reserve the right to review all outstanding debts when determining our credit decision.


Lease Variations




Insurance Leases – Waypoint Homes works with temporary housing and relocation companies to place residents. The applicant’s insurance company guarantees the deposit and lease payment for an agreed upon short term. In exchange for the short term lease, Waypoint Homes charges a premium rent. They are as follows:


  • 6-8 months - $300 above listed rent per month
  • 9-11 months - $150 above listed rent per month

The temporary housing provider must complete the standard rental application and successfully pass a credit and background check. The relocation company signs a Letter of Responsibility for the lease payments. The lease is in the applicant’s name.

Applicants with Licensed In Home Care Business – Waypoint Homes leases property to applicants who operate in home care facilities if the following conditions apply:


  • Valid $1M Liability Policy with Waypoint Homes as a named insured
  • Current licensing
  • Paid by either the State or County
  • Must reside in the home

Application will not be considered until the Application has been fully executed and returned, and all applicable Application deposits and fees have been paid. By clicking the "Apply Now" button, you acknowledge that you have read and understood the entire resident screening policy of Waypoint Homes.



Apply Now