Rental qualification policy from Invitation Homes

[Sam Leon]

A nearby property for rent by Invitation Homes (I understand they are part of Black Stone right?) I decided to check out for asking rent and property conditions and in the process I came across this rental applicant qualification policy I thought was interesting.

http://invitationhomes.com/wp-content/uploads/2014/11/Qualification-Requirements.pdf

I found the following items worth of discussions, comments.

MINIMUM INCOME - most here use the guideline of 3 times gross income, and they do the same (2.5X in some areas, 3X in others), but it is a bit of a hit and miss when it comes to self employed or retirees.  They ask for previous tax returns and several month's bank statements.  You could use tax returns to established self employment income, I guess for retirees you could require certain amount of minimum deposits or pension income?  They also accept a guarantor (must be employer or relatives but not friend) and the guarantor needs to have 4X income, pay app fee and fill out a full application and required to sign a Residential Obligations form.

CRIMINAL HISTORY - They spell out what would constitute automatic rejection.  Very detailed. 

Offense - Felony - Misdemeanor

Crimes Against a Person or Property - 10 years - 3 years

Drug Related Offenses - 10 years - 3 years

Theft By Check Related Offenses - 10 years-  Approved

Worthless Check and/or Bogus Check Related Offenses - 10 years - Approved

Sex Related Offenses and Terrorism Related Offenses - Declined regardless of time

Prostitution Related Offenses - 10 years - 3 years

Weapons Related Offense - 10 years - Approved

Cruelty To Animals Related Offenses - 10 years - 3 years

Any Other Felony Offense Felony offenses that do not fall within categories above, (ex:traffic,DUI) 10 year time frame; 5 years for felony DUI

Deferred Adjudication and/or Adjudication Withheld - Off probation/parole for 5 years

Pending Cases and/or Arrest Warrants - Approved

Active Status on Probation and Parole - Off probation/parole for 5 years

Pre-Trial Intervention/Diversion - Approved

PETS - In terms of pets they have a list of restricted animals.

INSURANCE - Finally, they require a renters liability insurance coverage of minimum 100K with the rental property identified as "Property of Interest" on the policy.

Anyways, I picked up a few useful tidbids going through it.  Hope that helps.