Leasing Requirements

Updated: July 1, 2022

What are your rent requirements for tenants?

(A) LEASING REQUIREMENTS

- 1. Adult Occupants & Co-Signers
    - All adults (18 and older) must submit a complete application including a credit, eviction, and criminal background check.

- 1. Required Documentation for Adults
    - You must submit documentation to verify the information you provide which includes but is not limited to:
      - your driver's license or state-issued identification,
      - credit check and background report, you must order the screening report which costs $39.95
      - 1 full month of recent pay stubs or earning statements,
      - and your most recent household utility bill (water, electric, or gas).
        DELINQUENT, SHUTOFF NOTICES, AND PICTURES OF THE CURRENT BALANCE ARE NOT VALID

- 1. Residence History
    - Your application must include your complete residence history (lease or no lease) for the past 12 months-NO gaps.
    - AND if your state-issued identification or recent pay stub has a different address than your current address, we will also need the history at that address as well.

- 1. Verifiable & Good Rental or Homeowner History & Landlord References
    - You must have verifiable & good references from your landlord/owner/mortgage lender/city for 12 full months for our standard lease.
    - If you do not have AT LEAST 12 months of verifiable & favorable rental or homeowner history, you are required to either
      - (1) pay a premium adjustment OR
      - (2) have a co-signer who submits an application and orders a background and credit report in addition to all the adult occupants in the property OR
      - (3) submit a copy of your signed lease and a copy of all 12 months of payment history or receipts from your bank or from your landlord.
    - Please see (question & answer for (D) below) to review the premium adjustment policy.

- 1. Evictions, Foreclosures, and Bankruptcies
    - We will only consider applicants with NO evictions, foreclosures, or bankruptcies within the past 36 months.
    - Applicants with only one eviction, foreclosure, or bankruptcy within the past 7 years ARE ELIGIBLE for a 12-month lease with a premium adjustment.
    - Please see (question & answer for (D) below) to review the premium adjustment policy.

- 1. Unpaid Fees to Past Landlords, Rental/Lender Companies, Utility Companies, or Their Collection Agencies
    - We will only consider applicants with NO unpaid fees to previous landlords, rental/lender/mortgage companies, utility companies, or their collection agencies associated with prior residences, or utility companies within the past 36 months.
    - Applicants with only one (1) unpaid fee to previous landlords, rental/lender/mortgage companies, utility companies, or their collection agencies within the past 7 years ARE ELIGIBLE for a 12-month lease with a premium adjustment.
    - Please see (question & answer for (D) below) to review the premium adjustment policy.

- 1. Convictions
    - You must have no conviction(s) within the past 36 months.
    - You must have NO SERIOUS conviction(s) within the past 10 years.
    - We consider SERIOUS convictions as any drug related charges, any bodily harm to others, violent crimes, sexual assault or sexual related, terrorism, etc. are not acceptable.
    - Applicants with only one conviction (NO SERIOUS convictions) within the past 10 years ARE ELIGIBLE for a 12-month lease with a premium adjustment. This is not negotiable.
    - Please see (question & answer for (D) below) to review the premium adjustment policy.

- 1. Employment/Income History
    - You must also provide complete employment/income history for the past 9 months and show a current and steady income source during the entire 9 months. If you have less than 9 months of current and steady income you ARE ELIGIBLE IF you
      - have a co-signer who submits an application and orders a screening report in addition to all the adult occupants in the property.

- 1. Gross Income
    - Your total monthly household gross income (which is the combined income of all occupants in the household including any SSI, child support, or voucher/section 8 assistance) must be at least 2.25 times the rent amount (including any applicable premium adjustments) OR you will need co-signer(s).

- 1. Gross Income & Debt
    - Your total monthly household gross income must be positive after deducting your monthly debt (car loans, student loans, payday loans, credit card payments, mortgage payments, or court-ordered payments, etc.) AND 2 times the rent amount (including any applicable premium adjustments) OR you will need a co-signer(s).

- 1. Verifiable Income
    - Your required income must be verifiable with pay stubs, income, earning statements, employer reference letters, and/or voucher approval paperwork.
    - Additional verifiable proof of income required for seasonal employment OR self-employed applicants.

- 1. Credit Score
    - You must have a credit score of at least 580 for our standard 12 month lease without any premium adjustment.
    - If your score is below 580 or if you have NO credit, you ARE ELIGIBLE for a 12-month lease WITH a premium adjustment.
    - Please see (question & answer for (D) below) to review the premium adjustment policy.
    - Although screening reports are required for every applicant, applicants with approved vouchers that cover 50% or more of the rent are exempt from this credit score requirement.

- 1. Low/No Credit
    - If your credit history is minimal or your credit score is low, you must provide a co-signer to be eligible for a standard 12-month lease without a premium adjustment OR you ARE ELIGIBLE for a 12-month lease WITH a premium adjustment.
    - Please see (question & answer for (D) below) to review the premium adjustment policy.
    - Although screening reports are required for every applicant, applicants with approved vouchers that cover 50% or more of the rent are exempt from this credit requirement.

- 1. Co-Signer Requirements
    - If you choose to provide a co-signer rather than pay a premium adjustment, the co-signer must also submit a complete rental application to us AND be eligible to rent with us without any premium adjustments or vouchers.
    - The application requirements for co-signers are similar to the tenant requirements and their credit history, income, debt, and rental history is treated the same as an occupant applying to live in the property aside from their current rent/mortgage is considered debt since they would not be living in our property.

- 1. Total Occupants
    - You must have no more than 2 occupants per bedroom (Missouri State Law).

(B) What do you screen for in the credit and background checks?

- In addition to reviewing your $39.95 credit and criminal background screening report, we may check your landlord and employer references. And if you are seasonally employed we may also check your banking and creditor references.

- Each application is considered on a case-by-case basis.
- Davis Realty LLC reserves the right to reject an applicant based on credit worthiness or waive/relax this requirement.
- If you have a low credit score or no/minimal credit history, less than 12 months of favorable rental history, some options we may consider are:
  - Require a Co-Signer Who Will Also Be Required to Submit a Complete Application OR
  - Require a premium adjustment (question & answer for (D) below)

(D) What are the terms of your Premium Adjustment (PA) Policy?

- Premium adjustments (additional charges) to both your monthly rent and security deposit will vary based on your history:
  - $ 1 for each point under 580 credit score up to a maximum of $150 --> Poor Credit History (This does not apply to voucher applicants who have approved vouchers that cover more than 50% of the rent.)
  - $ 2.5 for each month LESS THAN 12 MONTHS of verifiable & favorable rental or homeowner history within the past 12 months
  - $10 for each month LESS THAN 12 MONTHS --> Shorter Leases
  - $25 --> No Credit (absolutely no credit is not common and it is not the same as really low credit) (This does not apply to voucher applicants who have approved vouchers that cover more than 50% of the rent.)
  - $40 --> 1 conviction on their record within 10 years (no recent convictions within 36 months)
  - $50 --> 1 unpaid fee (any amount) from utility company, landlord, rental/mortgage company, and/or their collection agencies on your record within 7 years (no recent incidents within 36 months)
  - $60 --> 1 eviction/foreclosure/bankruptcy on your record within 7 years (no recent incidents within 36 months)
- Security deposit & monthly rent are the same amount, if PA is $25, add $25 to both standard monthly rent & deposit
- Total Move-in Amount (this entire amount + PA + pet fees/deposit are due BEFORE moving in)
- Inform Property Manager at least 30 days prior to moving OR 60 days prior if you are moving out earlier than expected
- Applicants without premium adjustments have priority over other applicants

Google Sites

Report abuse