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Qualifying Requirements
Rent from us Today...
Buy from us Tomorrow |
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Thank you for considering renting or lease purchasing from Crown
Realty & Management. The following are qualifying guidelines
for application approval.
What does crown consider in the
Qualifying Process?
Residence History:
How have you treated your
past landlords or mortgage companies?
We look
at your last 2 years of residency for positive, verifiable,
history. We ask your landlords about late payments,
NSF checks, warrants, complaints, and condition of
the property when you left. We also verify that notice
has been given and that you did not leave with a balance
due or collection account. If you leased from an apartment
community, they usually require written notice from
you before they will verify your history.
Have you owned a home and paid a mortgage?
The payment
history will be on your credit report and we will not
have to call the lender.
Employment/Income:
Do you have verifiable income of 3 or more times the
monthly rent?
We will contact your employer to verify your position,
income and length of time with the company. If your
employer will not verify your income over the phone,
you can show 2 recent original pay stubs to quicken
this process and we will photocopy them for the application.
If your recent employment is a new job, you can show
an original offer letter on letterhead to verify income
and we will photocopy it for the application.
Are you self-employed?
If you are self-employed, instead
of pay stubs you can provide one of the following:
(1) 2 banking statements showing deposits and monthly
balances for each month, or (2) a copy of a most current
year’s tax return with an accountant’s
signature, or (3) 1 or more 1099’s showing income
for contract work.
Do you have other sources of verifiable income?
Social
Security, retirement or pension, trust funds, disability
payments, substantial savings accounts, spousal or
child support, and second jobs are examples of acceptable
sources of income when written verification is available.
Tips or cash paid income can only be counted toward
the gross income with verification from the employer
in writing.
Can we combine our income?
A married couple’s
income is combined to qualify for this requirement.
Adult roommates must each have income of 2 times the
monthly rent. If income is short of this requirement,
a qualified cosigner may be used to offset income if
credit and residency is acceptable.
Credit Report:
How you have paid your past obligations?
Payment history,
the amount of debt and amount of credit available is
generally revealed in your credit report. Crown uses
Equifax to pull the credit reports and Beacon scores
of all adults 18 years of age and over who will occupy
the home. Applicants with Beacon scores above 650 that
meet income and residency requirements generally are
approved with security deposits of one month’s
rent. Applicants that have weak credit scores, recent
bankruptcies, collections or slow payment history generally
can be approved, but may be required to pay higher
security deposit’s after evaluation of income
and residency.
If you know you have bad credit, be prepared... you may need to pay a deposit in the amount of 2 months' rent or more to offset the risk to the owner.
Other Requirements
- Valid photo identification, either a state driver’s
license or state photo identification card is required with the
application.
- Valid Social Security Card, or Resident Alien Card,
Work Visa or Passport is required to show legality in the United
States.
- All adults (18 and over) are required to be on the application
and the lease with the above identification provided. Children,
ages 17 and under do not have to provide social security numbers
on the application, but we do require the names and birth dates
if they are to occupy the premises.
Crown can often offset a weak area by strengthening another.
A larger Security Deposit or a Qualified Co-signer may offset
weak credit or new employment.
These are the costs incurred when applying for a rental or lease
purchase.
At Time of Application
- Application Fee of $35 per applicant (one application per roommate or adult over the age of 18) payable by personal check or credit card and non-refundable.
- When
you want the property taken off the market
and held for you, the first month's Rental Deposit is required, (payable by personal
check) and will not be deposited until you are approved and will
be returned if approval is denied. Upon approval, the check is
deposited and becomes 1st month’s rent.
- Security Deposits
and Lease Purchase deposits are not required until the move-in
appointment.
- You can apply online using our secure online application or by downloading
an application, completing it, signing it, and fax it to
us (call 770-998-9300 and let us know when you have faxed it
so we are watching for it). Please include paystubs if possible.
At Time of Move-In
- Security Deposit: The security deposit is usually one
month's rent (depending on credit), payable at move-in only with certified funds or money order (all but $300 is fully refundable).
- Lease Purchase: Earnest money is not required until move-in (certified
funds only). An additional security deposit is generally not
required on a Lease Purchase agreement.
- Pet Deposit: There is a
fully refundable additional deposit required depending on the
type and number of pets. The pet deposit is generally ½ of
one month’s rent for the first
pet and $100 per additional pet, but may be flexible with excellent
credit.
Important note: The following breeds will require a
double security deposit and renters
insurance: Pit Bull, Doberman,
German Shepherd, Rottweiller, Chow, or any mix of these breeds.
The owner and Crown must be added to the policy as additional insured
and it must remain in force for the duration of your tenancy.
The policy declaration page must be produced at or before move-in
to show 300K-liability coverage.
Trial Applications
If you are uncertain about your ability to qualify for a Crown rental
or lease purchase submit a trial application and let’s see
if we can make it work. We will do our best to find a way to approve
you for a home whatever your credit score.
There is no application
fee required until after the credit report is run and you decide
to follow through and choose to rent a property. The property is
only taken off the market when you pay the application fee and
rental deposit.
| There
is no risk on a trial application … no money spent … take
a trial run, see if you qualify, and then decide if you
want to proceed. |
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