Rent to Own - Lease to own - Prequalification Questionnaire
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NOTE: Credit Score 620 and above, Credit score is taken from Transunion classic model 8
All full-time household members over the age of 18 must be on the application and will have a credit & background check done. They can have their income considered to go towards the rent approval amount. The household’s minimum qualified credit score is 620. The household credit profile is weighted by income, so the individual with the higher income’s credit score has a higher influence on the overall household credit score. Example: Resident A makes $100k and has a 500 credit score. Resident B makes $50k and has a 780. Because Resident A makes more income and therefore contributes more financially for the household, we look at Resident A’s credit more heavily, because that is who will be paying the majority of the rent. Medical Bills are not an automatic disqualifier when reviewing collection accounts. We use the Transunion classic 08 model (similar to what a lender would use) when evaluating the potential resident’s credit.