How do I apply with a Co-signer?
Some properties will accept a co-signer if you do not qualify on your own due to credit, income, or rental history requirements. If that is the case we will accept a co-signer that has verifiable income sufficient to qualify for both their living situation and for the property they are co-signing, and the co-signer must have a greater than 649 credit score. The co-signer must fully complete our application and pay the application fee, which is non-refundable.
Co-Signer Qualifications Summary
- No evictions on record.
- No recent (last 3 years) bankruptcies
- Credit score > 649
- If co-signer is supporting occupant resident financially, the co-signer must provide a written statement of this support. This written statement can be texted or emailed or mailed and needs to identify the amount you will be giving to the Tenant each month to assist with rent.
- The Applicants and Cosigner’s combined income must be at least 6 times the co-signer's home mortgage/rent payment plus the resident’s rent they are cosigning for or liquidity must be 6 times the annual combined co-signer and resident home payments. A combination of income and liquidity is also acceptable.
To apply, the following is required:
- A COSIGNER is a person who agrees to be liable for another person's debt, or for the performance of another's duty, liability, or obligation.
- A cosigner must be 18 years of age and over.
- A cosigner must have current identification in the form of driver’s license, state ID, military ID, or passport.
- If approved, the cosigner understands and agrees they are liable for the entire amount of the rent and any damages incurred by tenants.
- It is required that the cosigner fill out a complete application. If there are multiple cosigners, a cosigner application is required for each party.
- A $42.00 application/processing fee must accompany this application
- An application/processing fee is required to process applications, no exceptions
- RPM reviews income, credit, rental, or home ownership to qualify applicants.
- An Unlawful Detainer Search will be run on the Cosigner to confirm that there were no evictions on record.
- The co-signer must be able to support their current obligations and that of the tenants for whom they are cosigning.
- If the cosigner is providing financial support to an occupant, they must provide a written statement confirming this amount.
- Consigners must co-sign for all residents.
- The cosigner guarantees the applicant has disclosed all animals/pets on their rental application, and cosigners are liable for any damages caused by animal/pets.
- The cosigner guarantees the applicant has disclosed all vehicles of any size, kind, or type, such as automobiles, RV’s, boats, motorcycles, etc., on their rental application.
- Applicants must disclose all water-filled furniture for the property and the cosigner bears responsibility for the required insurance.
- RPM processes cosigner applications in 3-5 business days. Applications can take longer if more information is required from the cosigner applicant, or that of a reference on this application.
- Real Property Management Humboldt and/or the owner must approve all cosigner information.
If RPM approves the applicants/cosigners:
- If RPM approves the cosigner, to hold a property and refuse other applicants, the applicants and/or cosigner must pay the first month's rent in certified funds, and the rental agreement must be signed by both cosigner and applicants. The applicants and/or cosigner must pay the security deposit in certified funds, in full prior to the commencement of the rental agreement.
- All cosigners and applicants, 18 and over must sign the rental agreement, and supply a current ID at time of signature.
- If the approved cosigner/applicant defaults on renting the property, paying the necessary funds, and signing a Rental/Lease agreement, RPM reserves the right to deny all applications involved.
If RPM denies applicants/cosigners:
- RPM will notify cosigner and applicants of denial as soon as practical.