Application Process & Qualification

Thank you for your interest in applying for one of our homes at Home Spot Rentals. Applications are processed in the order received and must be accompanied by the application fee and supporting documents to start processing. It is understood that more than one set of applications may be taken on the property and application fees are non-refundable.  Please be advised the burden of completing the application and providing the required additional documentation is the responsibility of the applicant. Incomplete applications will delay the process and could result in rewarding the property to another applicant, or even denial.  Anyone 18 years or older is required to apply and pay an application fee.  Each person must complete an individual application and include all occupants on each application.  Application fees are $65 per person and are NON-REFUNDABLE.   

Screening Qualifications:

Home Spot Rentals is fully compliant with State and Federal Fair Credit and Housing Laws when screening rental applicants. The screening process can take 1-3 business days. Applications are screened based on the following:

• Credit History
• Verifiable Residential History
• Criminal Background
• Verifiable Income  
• Pet Screening

Your application may be adversely affected or rejected due to any of the following.

• You’ve been evicted by a landlord within the last 5 years
• Collections owed to other management companies 
• A pending or open bankruptcy (closed bankruptcy within the last 5 years will require a co-signer or increased security deposit) 
• Gross monthly income is less than 3 times the rent
• Your identity cannot be verified.

The Basics:

CREDIT:

• A Credit Score of 600 or higher may be sufficient for approval but will need to pass all other qualification requirements.
• A Credit Score between 500-599 must be accompanied by either a Co-Signer or an additional security deposit and pass all other qualification requirements. 
• A Credit Score of 499 or lower does not meet credit qualifications.

INCOME: 

• Applicants must have an income that’s verifiable and meets or exceeds at least 3 times the monthly rental rate.  If your income does not meet this requirement, an approved co-signer or qualified roommate will be required with at least 2 times the monthly rental rate. 
• Self-employed applicants must provide filed tax returns of the previous two fiscal years & 6 months of bank statements.
• Additional income is accepted if proof of deposit is provided (i.e. Social Security, Spousal Support, Child Support, etc.)
• Applicants who have been employed for less than 12 months MUST have a Co-signer.

RENTAL HISTORY: 

• A minimum of 12 months of verifiable rental history from a third-party landlord is required.  (Non-responsive landlords will not be considered) Living with family or friends will not be accepted as verifiable.
• If you do not have a verifiable rental history, additional requirements may need to be met, such as an additional deposit or co-signer.  
• Poor rental history may result in denial.

Once approved, you will be notified by text and e-mail. You will have 48 hours to sign the lease. Each applicant over the age of 18 will be required to sign the lease.  Once the lease has been signed, we will notify you of the day and time to meet at the property to complete a move-in survey.  Once the move-in survey has been completed you will have 24 hours to pay the initial move-in funds. The security deposit and the first full month’s rent will be due prior to move-in.  If your lease does not start on the first of the month, any prorated rent amount will be applied to the second month of occupancy. The offer to lease will be considered rejected by the applicant if the lease is not signed and fees are not paid as required.