APPLICATION CRITERIA

PROINVEST Realty, LLC

o: 312.275.5750

APPLICATION DISCLOSURE

All information collected for the approval or denial of this application is considered confidential in nature and for company use only. Verbal representations are non-binding. Once your application is submitted to ProInvest Management the approval/denial and negotiation process (if any) will be handled by the Property Manager and/or Licensed Real Estate Listing Broker in charge of the property for which you are applying. In the event an applicant is denied an adverse action notice will be sent to the applicant. The applicant will then be able to contact the consumer credit reporting agency for additional details.

APPLICATION CRITERIA

Rent Application Criteria & FAQ's

The Pro Invest Team believes a qualified applicant is much more than a credit score, and we coach our housing providers and property management partners to take on a similar perspective. Looking at the overall factors of each application, we take into consideration the full spectrum.

That said, each individual housing provider may have specific requirements that are out of our influential control, but let's keep this simple for now. Find the basics below.

What you need to apply:

  • PHOTO ID - Front and Back
  • PROOF OF INCOME – 3 Paycheck stubs, W2, offer letter, Deposit logs, Unemployment Benefits.
  • PROOF OF ADDRESS - Current Utility Bill Or Banking statement (Account Number Can be redacted)
  • CURRENT/PREVIOUS LANDLORD CONTACT INFO - If you have no personal rental history or Live with parents, let us know!

What's considered:

  • INCOME RATIO – We are looking for your income to be 3x the rent. For example, if your rent is $1,000/mo., you need to make $3,000/mo. to qualify. If there are 2+ adults in the household, the total income of all adults applies vs individual income. (This may vary Slightly by property type)
  • CREDIT – We are looking for the credit score to be in good standing typically this would be above or around 630 for the applicant. For a consigner we are looking for a strong score above or around 650.
  • COLLECTIONS - Do you have open collections on items such as housing, gas/electric, phone, cable, or internet provider? Open utility Collections may result in an auto denial.
  • MAJOR OCCURRENCES - Bankruptcy, Eviction, Foreclosure, Identity theft. If this affects you this may result in an auto denial.
  • LANDLORD VERIFICATION - The current/previous landlord answers a few simple questions to verify your rental history and ensure there are no pending evictions.

How we can work with you:

  • CO-SIGNERS are accepted – an Acceptable cosigner would have the income of 3.5x the monthly rent and a credit score above or around 700.
  • UPFRONT PAYMENT - Occasionally, housing providers will accept a security deposit, or a few months’ rent upfront as a guarantee, or act of good faith. This is typically applied to First/Last month(s) rent.

***First month’s Rent and Admin fee due at lease singing*** (Including all applicable pet, parking &/or additional fees)