Resident Qualification Requirements

Checklist

last updated: 5/9/2024

Disclaimers

  • By submitting an application, all applicants authorize Sylvan Homes to verify their employment status (income), background, credit, and rental history from all reporting agencies.
  • Application fees are non-refundable
    • Sylvan Homes encourages all applicants to tour the home prior to applying. If the applicant does not tour the home until after application has been submitted and decides not to move forward, Sylvan Homes will not refund application fees under any circumstances.
  • This application is not a guarantee or offer of a lease. All homes are leased on a first-approved basis. Applications will be screened in adherence with applicable fair housing laws and regulations.
  • Sylvan Homes’ minimum lease term is 12 months.
  • All deposits and/or holding fees are non-refundable. Exceptions include:
    • Sylvan Homes is unable to provide possession of the home within the agreed upon lease terms.
    • Subject to applicable law, Sylvan Homes may deduct certain damage amounts from a resident’s security deposit depending upon the condition of the home at move out.

Holding Fee

  • All holding fees are due in full at the time your lease is signed. All holding fees will be equal to 1-1.5x the monthly rent. No extensions will be given. All approved applications will be valid for 30 days from the date of application decision and transferable to another Sylvan Homes property should the original property of interest no longer be available.

Liability Insurance Coverage

  • Sylvan Homes requires all residents to carry liability insurance coverage. Residents can choose to secure a third-party liability insurance policy, or simply enroll in our damage waiver program with no up-front costs, deductibles or claims paperwork, for a minimal fee of just $17.00 per month. Residents are auto-enrolled in our program unless they affirmatively opt out and secure their own waiver of liability coverage. Please note that this coverage does not extend to pets or your personal property which is covered by renters insurance or a personal property insurance policy.

Move-Ins

  • Applicant’s desired move in date must be at least 5 business days but not more than 14 days from the date of notice of application approval
  • Move in date requests made less than 5 business days from the date of notice of application approval are subject to the readiness and availability of the home

Occupancy Guidelines

  • The maximum occupancy standards for Sylvan Homes is 2 persons per bedroom, plus one additional occupant in the home. Occupancy standards and guidelines may vary based on local and state laws and regulations.

Age

  • Anyone 18 years and over that will be occupying the home is required to complete an application and meet the screening requirements

Credit

  • All applicants will have their credit screened through a scoring model that determines the SafeRent Score for each individual applicant. The SafeRent Scoring model consists of information in the applicant consumer credit report, applicable rental history, and additional application fields completed.
    • SafeRent scoring includes but is not limited to the following:
      • Eviction reporting history
      • Debt-to-income ratio
      • Other credit records including, but not limited to, subprime records
    • In addition to meeting our SafeRent requirements, all applicants must have a minimum FICO of 500. 
    • Consumer Reports may include but are not limited to the following:
      • Payment History
      • Bankruptcies
      • Number and type of accounts
      • Collection activity
      • Outstanding debt and credit inquiries
  • An approved rental score will result in a 1-month security deposit.
  • A conditionally approved rental score could result in an increased security deposit of 1.5x the monthly rent. Security deposits may vary depending on the market, and SafeRent rental score.
  • Applicants that do not meet the minimum rental score requirements may be considered if applying with a qualifying guarantor.  The qualifying guarantor’s gross monthly income MUST meet or exceed 4x the total rent for the property, and pay a 1.5x the monthly rent security deposit.  The guarantor must have an approved SafeRent rental score and a minimum FICO score of 620.
    • **A guarantor is defined by a person that agrees to take financial responsibility for another’s obligations in the event the individual fails to fulfill their contractual obligations.**

Income Requirements

Sylvan Homes reserves the right to request additional proof of income at any point if the provided documents are deemed insufficient.

  • Applicants must show gross income equal to or greater than 3 times the monthly rent.
    • Applicants are required to provide the last 30 day’s proof of income.
      • Pay Stubs
        • Paid weekly – most recent 4 paystubs
        • Paid bi-weekly – most recent 2 paystubs 
        • Paid monthly – most recent 2 paystubs (recent and prior month)
      • Bank Statements
        • If paid by direct deposit- most recent 60 days bank statements
        • If paid by means other than direct deposit- most recent 90- days bank statements
      • Additional Proof of Income Accepted:
        • Retirement Benefits
        • SSA/SSI
        • Disability Benefits
        • GI Benefits
        • Alimony
        • Child Support
        • Most recent year personal tax return
  • Applicant using a Housing Choice Voucher
    • Current, unexpired voucher which matches the unit size and rent amount for the property of interest
    • Voucher must not be within 14 days of expiration at the time of application
    • Applicants who participate in the Housing Choice Voucher Program (f/k/a Section 8) or other housing assistance program must demonstrate monthly adjusted income greater than or equal to applicant’s portion of the monthly rental amount, as determined by the applicable housing authority.
  • Fixed income applicants are required provide 60 days of your most recent itemized bank statements and one or more of the following on official government or company letterhead:
    • Retirement Benefits
    • SSA/SSI
    • Disability Benefits
    • GI Benefits
    • Alimony
    • Child Support
  • If the applicant is providing an Offer or Transfer Letter, the following is required:
    • Offer/Transfer letter must contain the following:
      • Terms of compensation
      • Start date (must be within 30 days)
      • Must be on the company letterhead
      • Most recent 30 day itemized bank statement
  • Self-Employed Applicants
    • Self-employed applicants must show proof of business ownership. Examples are:
      • Filed tax return
      • Business License or Permit
      • Articles of Incorporation
      • Federal tax ID number
    • Self-employed applicants must provide the most recent 60 days of personal or business itemized bank statements.
    • Additional documentation may be required
  • Savings/Retirement Account Options
    • Itemized Statements Required- a minimum average ending balance of three (3) times the total rent due for the entire lease term. For example, if the monthly rent is $1,200 with a 12-month lease term, the average ending balance must be a minimum of $43,200. Note: No joint bank accounts may be used unless all joint owners apply as leaseholders.
  • Additional documentation or proof of income may be requested at any point to complete the application decision.  A third party partner may be used to verify income and identity.

Disqualifying Criteria

  • Rental History
    • Outstanding rental balances of $500 or more
    • Eviction judgements within the last 5 years
    • Eviction filings within the last 12 months
  • Bankruptcy
    • Open bankruptcies
  • Criminal
    • Financial crimes including, but not limited to, fraud and identity theft
    • Crimes against minors
    • Homicide, kidnapping, or other violent crime
    • Megan’s Law and registered sex offenders
    • Other criminal charges (misdemeanor and felony) are assessed case by case

Holding Fee/Security Deposit

  • The Holding Fee is determined by the applicant(s) combined rental score. Upon approval, you will be notified if we require a fee equivalent to 1 month’s rent or 1.5 months’ rent.
  • The Holding Fee must be paid online through one of these preferred methods: payment account must be in the name of a lease holder. All payments made from accounts under names not listed on the lease will not be accepted.
    • Sylvan Homes portal (access instruction to be provided at the time of approval)
      • Valid bank account
      • Credit/Debit card
    • Applicants may also pay with an approved voucher certificate at the nearest approved payment center.
      • Instructions for accessing a payment voucher are provided at the time of approval.
  • All deposits and additional lease funds, including but not limited to pro-rated rent, must be cleared within 72 hours prior to your scheduled move-in date.
  • The Holding Fee will be converted to the Security Deposit upon the lease start date.

Requirements for Animals

  • Sylvan Homes welcomes up to a maximum of two (2) pets per household. A pet is defined as a dog, cat, fish, or small caged domestic animal.
  • Pet fees and pet rent will be charged for dogs and cats. Other pet types are welcome without a fee or rent, but remain subject to animal restrictions.
    • There is a $250 per pet non-refundable one-time fee (for dogs or cats)
    • There is also a $35 per pet per month rent charge (for dogs or cats)
  • Sylvan Homes does not allow exotic, farm, wild, or venomous animals. 
  • The following dog breeds are not permitted: 
    • Pit Bulls
    • Bulldogs (not including French bulldogs)
    • American Bull Terriers 
    • American Staffordshire Terriers 
    • Rottweilers 
    • Dobermans
    • Wolf Hybrids
    • Any breed mix of the aforementioned.  
  • Depending on the property size, animal weight, and size restrictions may be evaluated on a case-by-case basis.
  • Some dogs may require a letter from a licensed veterinarian verifying non-violent behavior.
  • Photo(s) of your pet(s) are required (ESA and service animals included)
  • All animal owners must complete and abide by all relevant provisions of the lease.
  • Dog owners must provide evidence of renters insurance coverage that includes additional dog bite liability.
  • Service Animal and ESA Policy
    • Service Animal and ESA Policy Sylvan complies with all requirements under the Americans with Disabilities Act of 1990 and The Fair Housing Act regarding Service Animals and are exempt from any rent, fees, deposits, and insurance requirements.
    • *An Official ESA or Service Animal letter from the animal’s veterinarian or Medical provider MUST be submitted for verification and dated within the last 6 months.