What to Expect When Applying for a Lease
This list is for your information only. Some requirements may vary according to each landlord.
DOCUMENTS CHECKLIST
Feel free to email copies of documents to Max@DFWPropertyAgents.com or call us to deliver copies of documents in person. We ask that you submit documents to us in advance so that we can expedite all applications on your behalf. PLEASE DO NOT SUBMIT ORIGINAL DOCUMENTS.
Photo ID - Valid Driver's License, State ID or Passport
Filled application for lease: 1 per adult / disclose all people who will live in the home including children
Application fees: 1 per person (only submit this once you have selected a home to rent)
Income documentation: Name and contact information of supervisor for employment verification AND 2 most recent pay stubs for W-2 employees or Last year's tax returns for self-employed. As an alternative, proof of funds may be required.
Proof of timely rental/mortgage payments: Receipts or copies of checks or printed statement if paid online. Please show 2 years if possible, at least one year. Provide property manager's name and contact information for verification. Make sure that proper move-out notice has been submitted to the current landlord in order to avoid delays. If your last home was owned, proof of ownership and timely mortgage payments for 2 years.
Pet(s) photo(s): if you are bringing a pet.
Qualifying For a Lease: What to Expect
RESIDENTIAL LEASE APPLICATION
Each adult 18 years of age or older is expected to complete and sign a residential lease application. Unless otherwise instructed by the landlord, we use the application forms from the Texas Association of REALTORS® or TAR.
RENTAL / MORTGAGE HISTORY
Landlords want to see your rental history. You should be ready to provide history of timely rental payments for the last 2 years and, for verification purposes, the name and the contact information for the property manager where you lived. If your last home was owned, proof of ownership and timely mortgage payments for 2 years.
No evictions is a common requirement. Foreclosures may be treated as evictions.
CREDIT CHECK
Some landlords use your credit score in the application process. Landlords often ask for a credit score of 600+, however, the score requirements vary from one landlord to another. In some cases, you may pay for rent in advance to work around a low credit score.
No collections to previous landlords or apartment complexes is a common requirement.
BACK GROUND SEARCH
Landlords may run criminal back ground searches and sex offender registry searches. Different landlords have different policies about this but, you can expect this back ground search to be part of your application. An application fee is charged, usually around $45 to $65 per adult going to live in the property. Some landlords may accept credit card payments online, however, the application fee is normally accepted in cash, check or money order. The processing time should be around 2 business days.
A landlord may require the potential tenant to have no felonies.
INCOME DOCUMENTATION
Be prepared to show documentable income for 3 times the monthly rental rate. 33% debt to income ratio requirement can be expected (this means the monthly payments you make on all of your debt should require no more than 33% of your monthly income). In other words:
1/3 of your income pays rent + 1/3 of your income pays debts + 1/3 of your income pays monthly expenses
W-2 employees may be asked to show the last 2 month's pay stubs. Provide the name and contact information of supervisor for employment verification
Self-employed people may be asked for 2 years tax returns.
As an alternative, you may be asked for proof of funds.
PET POLICY
Some landlords don't accept pets. Other landlords approve pets on a case by case basis. You can expect aggressive breeds like pitbulls, rottweilers, dobermans and other aggressive breed mixes to be prohibited. If you are bringing a pet, please disclose it in your application.
Please include a photo of your pet in the application package.
SPECIAL CONSIDERATIONS
Some special cases require thinking outside the box. Some landlords may charge a higher rent when a tenant can't fullfill some or any of the financial requirements to rent a property.
Be prepared to pay 3 to 6 months of rent in advance to persuade a landlord to rent under special circumstances. This may vary from one landlord to another. Naturally, if we represent you, we will negotiate on your behalf.
