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 incurred in the past seven years, for utilities or cash advance/payday loans, in excess of $500 will trigger a decline. Debts below $500 collectively must be paid within 48 hours of the Conditional Approval. If not paid off, the application will be declined. If they are subsequently paid off, applicant must fully reapply to have application considered.
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.