Tenant Qualification Requirements

Checklist

Thank you for your interest in Sylvan Homes. Our qualifying criteria is outlined below. Please read these requirements thoroughly prior to application. Application fees are non-refundable.

APPLICATION DOES NOT CREATE A LEASE. This application, even if accepted, shall under no circumstances be considered a lease agreement between Applicant and Landlord, or an offer to lease. No lease shall exist between Applicant and Landlord unless and until the parties enter into a formal Lease Agreement and Applicant pays all required fees, deposits and advance rent.

AUTHORIZATION. By applying, applicant authorizes Sylvan Homes, LLC to verify your background, credit and rental history from all reporting agencies.

  1. Applicant will submit 1 form of valid photo ID
    1. Acceptable forms of ID include
      1. State issued DL or ID
      2. US Passport
      3. US Permanent Resident Card
      4. US Military ID (front and back required)
      5. Valid Foreign Passport + US issued work visa
  2. Applicants gross monthly income must equal to or exceed 3x total rent. Occupant guarantors must show a gross monthly
    income equal to or exceeding 3x total rent. Non-resident guarantors must show a gross monthly income equal to or exceeding 5x
    total rent.

    1. Required income documentation:
      1. Employed
        1. 30 days most recent pay stubs
        2. 60 days most recent bank statements if paid by direct deposit
        3. 90 days most recent bank statements with no stubs or direct deposit
      2. New Job
        1. Offer letter on company letterhead including hourly rate or salary, start date + any stubs to date
        2. Employment must be verified
      3. Self Employed
        1. Business must be in operation for 90 days
        2. 90 days most recent bank statements from personal account
        3. Copy of business license
      4. Retirement, Social Security, Disability, GI Benefits, Alimony, Child Support, and other forms of fixed income (1)
        1. Active issuing agency documentation (award letter, statement)
        2. 90 days most recent bank statement
      5. Financial Aid
        1. Formal documentation showing room and board allowance
        2. Documentation must be active
  3. FICO Score
    1. Resident guarantor minimum score = 500
    2. Non-resident guarantor minimum score = 620
    3. Security deposit determined by score
      1. 580+ approved with 1 month security deposit
      2. 579-540 approved with 1.5 months security deposit
      3. <500-539 approved with 1.5 months security deposit and the following:
        1. Must prove employment for 12 months or longer in same job @ 3x income
        2. Current Landlord needs to provide proof of timely payments for the last 6 months
        3. Complete approved credit counseling course and provide certificate (Clearpoint.org)
      4. <500 denied
    4. Applicants with no FICO score may be considered with a qualifying non-resident guarantor with a gross monthly income of
      5x total rent, pay 1.5 months security deposit, and the guarantor must have a minimum 620 FICO score.
    5. Voucher applicants with no FICO score may be considered by completing the Clearpoint.org credit counseling course and
      providing the certificate of completion
    6. Non-resident guarantors incur a higher security deposit.
  4. Criminal History
    1. All applicants with previous felony convictions of a violent or sexual nature as well as fraud related offenses are
      denied.
    2. Registered sex offenders are denied
    3. Some felony convictions within a specified period based upon the severity, recidivism, and remoteness of the crime as
      outlined on crime safety grid may be denied.
    4. Multiple misdemeanors within a specified period based upon severity, recidivism, and remoteness as outline on crime
      safety grid may be denied.
  5. Credit History
    1. No evictions or multiple fillings within last 3 years; older cases require applicant to provide debt satisfaction
      letter or other proof of payment
    2. No open bankruptcies
    3. Any outstanding creditor debt or liens may be cause for denial without proof of satisfied judgement or payment plan in
      good standing
  6. Pets
    1. Sylvan welcomes up to a maximum of 2 pets per household. A pet is defined as a dog, cat, fish, and small caged domestic
      animals.
    2. There is a $250 non-refundable pet fee, per pet. There is no charge for a Service Animal or Emotional Support
      Animal.
    3. Sylvan does not allow exotic, farm, wild or venomous pets. The following dog breeds are not permitted as pets: Pit
      Bulls, American Bull Terriers, American Staffordshire Terriers, Rottweilers, Doberman, or any breed mix of the
      aforementioned. Some dogs may require letter from licensed veterinarian verifying non-violent behavior.
    4. Weight and size restrictions may be evaluated on a case by case basis, dependent on property size.

    Requirements:

    • All pet owners must complete and abide by the Pet Section 14, as part of their lease.
    • Evidence of Renters Insurance coverage, which includes additional dog bite liability

    Service Animal Policy
    Sylvan complies with all requirements under the American's with Disabilities Act and Fair Housing Act regarding Service Animals and are exempt from any rent, fees, deposits, and insurance requirements. A valid doctor’s prescription dated within the last 12 months is required. The animal must also be registered as a service animal and cannot be an excluded breed or class.

    Emotional Support Animals (ESA) Policy
    Sylvan complies with all requirements under the American's with Disabilities Act and Fair Housing Act regarding Service Animals and are exempt from any rent, fees, deposits, and insurance requirements. A valid doctor’s prescription dated within the last 12 months is required. Animals cannot be an excluded breed or class.

  7. Holding Fee/Deposit
    1. The holding fee is determined by credit score upon approval.
      1. Credit score of 580+ = 1 month rent
      2. Credit score of 579-500 = 1.5 months rent
    2. Properties are leased on a first come – first-served basis.  Holding fee must be paid online through one of these preferred methods:
      1. Resident prospect may pay online through the Sylvan Homes portal with credit or
        debit card or with a valid bank account. Instructions provided at approval.
      2. Resident prospect may pay at the nearest approved payment center.
        1. In order to pay through an approved payment center, you will need a voucher certificate. Instructions for accessing a payment voucher are provided at approval.
      3. Approved applicant has a total of 14 days to start the lease period and pay remaining monies owed including 1st month rent and any prorated amount due as determined by lease start date. Holding fee is non-refundable.
      4. Holding Fee will become the Security Deposit upon lease start date.
      5. PAYMENT MUST CLEAR PRIOR TO RECEIVING KEYS TO THE PROPERTY. Therefore,
        payment-in-full must be made a minimum of 7 business days (if paying electronically) or pay CASH with a voucher
        certificate prior to your scheduled move-in date to avoid delays.
  8. Other
    1. Desired move-in date must allow a minimum of 5 business days from notice of approval.
    2. Housing Vouchers must be active for a minimum of 30 days or applicant will be directed to the Housing Authority to request an extension prior to application.
    3. Occupancy guidelines allow 2 people per bedroom + 1 or in accordance with local/state laws where applicable.
  9. Corporate Leases
    1. Company must provide two (2) of the following as proof of sufficient income:
      1. Previous year tax returns
      2. P&L statement for past 6 months
      3. 3 months of most recent bank statements
    2. Security deposit = 2 months
    3. Company to provide a copy of corporate housing/lease policy (if available)
    4. Approved representative of company to sign lease as guarantor on behalf of the company