HOW TO QUALIFY
Please check this quick list of requirements before applying for a lease at Main Street Renewal:
Income – Applicants must have a minimum combined gross income of 3.0 times the monthly rent. Guarantors must have a minimum of 4.0 times the monthly rent.
Credit – A credit report will be completed on all applicants to verify credit ratings. Income plus verified credit history will be entered into a credit scoring model to determine rental eligibility and security deposit levels. Unfavorable accounts which will negatively influence this score include, but are not limited to: collections, charge-off, repossession, and current or recent delinquency. Debt to a previous landlord, no credit, and open bankruptcies will result in an automatic denial of the application.
Criminal History – A criminal background check will be conducted for each Applicant and Occupant eighteen (18) years of age or older. All criminal records are evaluated from the date of disposition, regardless of the Applicant’s or Occupant’s age at the time such offense was committed.
The application will be denied for certain felony convictions up to seven (7) years prior to the application date (subject to local laws/requirements) or certain misdemeanors up to three (3) years prior to the application date as allowed by state and federal law. The application will be denied for any felony conviction for any sex and/or terrorism related offense(s) regardless of conviction date.
Please remember that this requirement does not constitute a guarantee or representation that Residents or Occupants currently residing in our homes have not been convicted of or subject to deferred adjudication for a felony or sex offense requiring registration under applicable law. There may be Residents or Occupants that have resided in one of our homes prior to this requirement going into effect. Additionally, our ability to verify this information is limited to the information made available to us by the resident background and credit reporting services used.
Rental History – Some credit scoring results will necessitate an evaluation of verifiable rental or mortgage payment history for the last 12 months. Final qualification and approval is determined when you apply.
Lease Start Date (Move-In) – The requested lease start date is contingent upon management approval. Lease Start must occur within 14 days of approval date or sooner, depending upon house availability and market-specific requirements.
Pre-lease a home with “Available Soon” – We give you the option to lease our homes before they officially hit the market. If you see a home labeled as “Available Soon”, that means the home will have a projected move-in date and move-in must be within 5 days of the projected move-in date.
Final qualification and approval is determined when you apply.
BEFORE YOU APPLY
NON-REFUNDABLE APPLICATION FEE. – $40.00/Adult
Main Street Renewal will not process an application without receipt of the non-refundable application fee. Main Street Renewal does not guarantee the availability of the desired property, and the application fee will not be returned if the property is no longer available. For more details, review the Qualification Acknowledgement.
Applicants will be required to provide a Social Security Number (SSN) at the time of application. Any applicants unable to provide a SSN will be considered as long as:
- Co-applicant has provided a valid SSN and meets all qualifying requirements independently.
Please have at least one of the following forms of acceptable income documentation before you apply to expedite the application process:
- Paystubs – Minimum of 2 consecutive paystubs equal to the most current month’s pay period
- W-2 from Employer (only accepted until July 31st)
- Identification – All applicants 18 years of age or older must provide a valid government-issued photo ID card
- Three consecutive months of full bank statements (detailed version, including transactions). Applicant’s name must be included on bank statement and include name of source of income as direct deposit
- Child support documents (court order documents or a child support ledger ONLY)
- Benefit Letter (social security, disability, unemployment, or military)
- Retirement savings account – Statement must show withdrawal allocations and include applicant’s name.
- Offer Letter for new employment or promotion (we will not accept a letter from employer unless “Offer Letter” is stated)