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.
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 and the purchase of a non-refundable surety bond, depending on FICO score of the primary applicant.
Security Deposit Requirements
FICO scores below 600 = 2 month deposit (one month certified funds combined with a Sure Deposit Bond closest to one month of rent) Example: Rent $1650; $1650 certified funds, $1500 Sure Deposit
FICO scores 600-700 = 1 month deposit (No Sure Deposit option)
FICO scores above 700 = $1,000 deposit (No Sure Deposit option)
Below are examples of the surety bond levels and premium rates:
$1000 Sure Deposit Bond Amount = $175 Sure Deposit Bond Premium
$1500 Sure Deposit Bond Amount = $262.50 Sure Deposit Bond Premium
$2000 Sure Deposit Bond Amount = $350 Sure Deposit Bond Premium
Sure Deposit bonds can be purchased in $250 increments and the non-refundable premium is 17.5% of the bond level.
Balances owed due to damages that exceed the surety bond value is the responsibility of the resident and is pursuant to the same terms and conditions in the Lease Agreement as any other balance owed. To purchase the surety bond, Applicant must complete the enrollment form (obtain from Leasing Specialist).
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, no surety bond option.
Alternative credit channel: Applicants with no credit may also be qualified by meeting a minimum of 2 requirements listed below:
- 12 months of on time payments on rent/mortgage
- 12 months of on time payments on utility bills, OR
- 12 months of on time payments on cell phone bills
In addition to above, the 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. The applicant must execute a Pre-Paid Rent Addendum and pay the 6-months prepaid rent at move-in. This deposit requirement is ineligible for the surety bond.
All outstanding collection accounts incurred in the past seven years, from a prior landlord/residence must be paid off prior to move in. Applicants will have 14 days from the date of Conditional Approval to satisfy this condition. After 14 days, the application will be declined. Utility collection accounts totaling less than $2500 can be satisfied with evidence of payment arrangements and first payment. A valid receipt must be provided to show proof of first payment.
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.