Screening Requirements

Tenant Screening Requirements

Waypoint Residential Management (Waypoint) utilizes the policies and procedures outlined below as “Level One” applicant screening requirements. When an applicant does not fall within these minimum screening requirements, they may be categorized as a “Level Two” applicant and may be approved on a conditional basis due to compensating factors, at the sole discretion of Waypoint. For example, from time to time, a rating that might otherwise warrant rejection may be disregarded in favor of one or a combination of the following additional requirements: an increased rental rate, additional pre-paid rent or deposits, and/or a co-signer/guarantor. Applicant screening guidelines are always considered in compliance with Federal Fair Housing laws without regard to race, color, sex, religion, national origin, familial status or handicap.

APPLICANT SCREENING - LEVEL ONE STANDARDS

Income Requirements

Monthly income must be 3 times the rent amount plus the amount of total minimum monthly debt payments.
Monthly obligations must not exceed 80% of income.
Must have a minimum of one year with current employer at substantially the same income now earning, or a minimum of three years in the same field with substantially the same income level and no more than two employers within the past three years.
Must have favorable reference from employer on likelihood of continued employment.
Self-employed applicants or those who receive more than 25% of their income in the form of commission must demonstrate substantially the same income for the past two years and may be required to submit a certified copy of most recent tax return and/or provide the most recent 3 months bank statements demonstrating deposits and withdrawals of the minimum income and debt requirements. If using tax returns, only income stated on the tax return may be used for qualifying. Business entity records in the state of filing will also be verified for self-employed applicants.
Military members may not sign a lease for a term longer than their current enlistment term or the length of time remaining at their current duty station.
Full-time students who fail to meet the minimum employment requirements will require a guarantor. However, this requirement may be waived if the applicant has obtained a masters or advanced degree or holds a professional designation and has full-time employment at the time of application.
Unemployed applicants must provide proof of sufficient income to qualify for the rental property, and reasonable certainty that such income is likely to continue for the entire lease term.
Bankruptcy permitted if cleared.

Rental History

Applicant must have a minimum of two years of rental or mortgage history within the five years immediately preceding the rental application.
Proposed rent must be no more than 25% greater than the applicant’s prior rent or mortgage payment.
Credit search must contain no derogatory rental information, judgments or collection accounts from a former landlord within the preceding five years whether paid or unpaid.
Not more than one late rent payment in the past two years is allowed and it must not have been more than fifteen days late.
Rental references must indicate that all the terms of prior lease were met including proper notice to vacate. Credit History

Credit History

Each applicant must have a FICO score of 685 or greater or a VANTAGE score of 650 or greater. Married applicants may use an average of each spouse’s score, provided that neither spouse has a FICO score below 550 or VANTAGE score below 600. (Most credit bureaus provide VANTAGE scores for credit screening obtained by property managers.)
Applicant must have an active checking account.
Applicant must have at least two accounts on their credit report which have been open for at least two years and which have been paid on time.
There must not be a bankruptcy within the past two years and new credit must have been established since any bankruptcy (at least one installment loan or credit card) and have been paid as agreed for at least 12 months.
There must be no unpaid judgments or collection accounts, and not more than two paid judgments or collection accounts within the preceding 24 months except that special consideration may be granted at Agent/Owners sole discretion for small medical judgments or slow payments on student loans, if it is determined that there are enough other favorable credit references to outweigh these.
No more than two late payments allowed (greater than 30 days past due) on any installment loan or credit card within the past year.

Roommates

All roommates must fill out an application, pay the application fee and be individually screened and approved. Income, rental history and credit requirements shall apply for each applicant.
Applicants applying as roommates shall provide reasonable statements that they have been or will be compatible co-tenants.
Approved roommates must review and sign an independent Roommate Agreement stipulating their understandings of the lease terms with regard to one another.

Guarantors/Co-Signers

Must have a minimum FICO Score of 685.
Monthly income must be 5 times rent amount plus total monthly debt payments.
Monthly obligations must not exceed 80% of income.
Must have a minimum of one year with current employer at substantially the same income now earning, or a minimum of three years in the same field with substantially the same income level and no more than two employers within the past three years.
Must have favorable reference from employer on likelihood of continued employment.
Self-employed applicants or those who receive more than 25% of their income in the form of commission must demonstrate substantially the same income for the past two years and may be required to submit a certified copy of most recent tax return and/or bank statements for the past two years. Only income stated on the tax return may be used for qualifying.
Unemployed applicants must provide proof of sufficient income to qualify for the rental property, and reasonable certainty that such income is likely to continue for the entire lease term.
Bankruptcy permitted if cleared.
No criminal history, civil actions or prior evictions allowed.

Criminal History

While consideration will be given regarding the type of conviction, the length of time that has elapsed since the criminal conduct, and other mitigating factors, the following criminal convictions may be the basis for rejection of an applicant:

Violent or drug-related felonies;
Crimes against children;
Felonies committed within the last 10 years, and no imprisonment for felonies within the last 5 years;
Crimes against landlords or rental properties;
Convictions or pleas to any crime involving metal theft, vandalizing properties, or otherwise damaging properties;
Arson convictions or pleas.

References

Any previous landlord must be verified and a favorable reference given.

Pets and Assistance Animals

Pets may be negotiated on a case by case basis with 3rd party pet screening, additional pet rent and additional security deposit.
Applicant must have owned the pet at least one year and pet(s) must be at least one year old (no puppies or kittens).
Deposit amounts will be based upon size and anticipated risk level of pet.
Verified Assistance animals are excluded from this policy but applicants must complete (free) 3rd party pet screening to verify their animal pursuant to the ADA and Federal Department of Housing and Urban Development guidelines.

Other

All applicants must be 18 years of age or older and must submit a separate application.

If you're interested in moving forward with an application but have questions or concerns regarding these requirements, please contact us for more information.