Single  Family Homes for Rent: Qualification Requirements 

 

  1. Occupancy
  2. Credit
  3. Credit Score Deposit Formula
  4. Guarantors
  5. Income
  6. For W2 Employees
  7. For Self Employed Individuals
  8. Debt
  9. Employment
  10. Housing-Related History
  11. Criminal History
  12. Additional Disqualifiers
  13. Vehicle Restrictions
  14. Pets
  15. Security Deposit
  16. Resident Liability Insurance
  17. Lease Generation
  18. Security Deposit
  19. Housing Choice Voucher Program

 


This is a summary of the Brandywine Homes USA qualification requirements. This is intended as guidance only. Please review carefully and determine whether a Brandywine home may be right for you. 

We seek certain minimum credit, financial and background information from all our applicants along with supporting documentation as described below. 

 

Failure to move in within the 14 days will result in the loss of security deposit.

 

Brandywine is the exclusive authorized Leasing Agent and Property Manager for the property Owner. On behalf of the Owner, Brandywine employs a uniform standardized automated analytical model to assess each applicant’s personal credit, financial and background information to determine whether the applicant meets the established criteria which is applied consistently across the board. From time to time, the qualification requirements will be revised. Any such changes will be applied as of a date certain in the future, so that only future applicants will be affected. The criteria will continue to be applied uniformly across the entire base of new applicants. 

When you submit an application to rent a home through us, you are authorizing and giving consent for us to conduct a background check inclusive of criminal records, eviction and bankruptcy history, as well as a credit check in addition to verifying the accuracy of any/all information in your application. Our review process may include employment verification including contacting your current employer and past Landlords. By consenting to the inquiry of your credit report the act of pulling a credit report may impact your credit report for a period of two years. By applying for a Brandywine home, the Applicant will consent to a credit report check. 

 

Occupancy

 

All individuals who are 18 and over who plan to live in the home must complete the application and pay the application fee so that a full credit and background check may be done. Please check with your local municipality regarding occupancy limitations regarding the number of people per bedroom per property and other potential occupancy restrictions.

Applicants must be 18 years of age or older.

 

Credit 

 

A credit report will be completed on all applicants to verify credit rating/history.  

 

Generally, a minimum credit score of 600 is required to qualify for a standard one-month security deposit. However, since Brandywine’s formulaic approach to the qualification process includes reviewing all information submitted, there may be an opportunity for a lower credit score applicant to be accepted assuming all other criteria meets or exceeds the relevant requirements. In such cases, the formula may require that the applicant provide a security deposit greater than one month, as permissible by law. All applicants credit scores will be considered. For co-applicants who plan to live in the house, the average of the applicants’ credit scores will be used to determine eligibility under the above requirements. A security deposit will be established consistent with the credit score scale used generally.

 

Credit Score Deposit Formula

 

  • Brandywine Homes USA offers services for several clients and minimum score requirements may vary by client.
  • Vantage Scores provided by screening provider may result in additional security deposit requirements, check with your leasing representative for more information
  • All applicant’s credit history enters a scoring model to determine a Vantage Score for each application. The Vantage Score is determined from an analysis of information found in each applicant’s consumer credit report. Consumer reports may include but are not limited to payment history, bankruptcies, number and type of accounts, collection activity, outstanding debt and credit inquiries. In addition, the scoring process includes income-to-rent ratio, debt-to-income-ratio, and eviction records.

 

 

Guarantors

 

Certain applicants who fail to meet credit or income standards may obtain a guarantor. A guarantor must be an additional applicant on the lease

 

In addition to meeting all other application requirements, an individual guarantor must have a minimum vantage score of 650 and have gross income equal to 4 times the rental amount being guaranteed. The guarantor is required to sign the lease and as a result is a financially responsible party, with an obligation to pay 100% of the rent, if necessary.

 

All guarantors will be required to pay a double deposit.

 

 

Income

 

Our minimum required income is 3 times the monthly rent. Gross Monthly Income will be calculated using the combined income of all applicants. If there are more than 3 applicants, the best qualied 3 applicants will be considered.

 

For example, in San Antonio, if the total approved income is $5,250/month, you would be eligible to rent a home from Brandywine in San Antonio at $1750/month. ($5250/3 = $1750)

 

Sources of income must be: well documented and verifiable, including, but not limited to:

 

 

For W2 Employees: 

 

Two most recent FULL bank statements to include all pages and in .pdf format

              -Bank statements must support the paystubs provided by applicant(s)

 

Two most recent consecutive pay stubs if paid biweekly 



Four most recent consecutive pay stubs if paid weekly 

 

 

For Self-Employed Individuals: 

 

Two most recent prior year’s tax returns for self-employed individuals only; income must also be secure as with a salary

Six most recent FULL bank statements to include all pages and in .pdf format

 

Additional sources of income may include but are not limited to: child support; social security income; pensions; and GI income. Sources of income that will not be considered include temporary sources such as unemployment or child care tax credits or student aid refunds. Additional documentation will be required to verify source, bank statement(s), award letter, court documentation as well as a history of documented receipt of income will be required.

 

Applicants that do not meet the income requirements should inquire about the ability to pre-pay for the full term of the lease. Short term leases, consistent with policy, may be accepted in this connection, as well subject to an additional short term monthly lease fee.

 

Past Due Debt and Debt to Income

 

Depending on the client, applicants must not have in excess of $5,000 per person in past due and collection balances. If there are two applicants there can be no more than $10,000 combined outstanding debt & collections. If there are 3 or more applicants there can be no more than $15,000 combined outstanding debt & collections. This excludes medical and student loan debt. 

 

Brandywine will consider explanations of outstanding debt with appropriate supporting documentation that show the applicant is not the financially responsible party. For example, a repossession that the applicant was a cosigner on for a vehicle of a former spouse. In this instance, we would require verifiable documentation.

 

Alternatively, the applicant can pay down the debt and provide proof of such payment which will then be verified. 

 

Additionally, applications that show in excess of 45% monthly debt-to-income ratio will be denied for the home. 

 

 

Employment

 

Must have documentation for all income to be considered. Applicants must have proof of income that starts on or prior to move in date. Applicant may submit for consideration a company generated “offer letter” to hire from the employer with salary, start date and term of employment noted. Offer letter must be on company letterhead, fully signed, and uploaded in .pdf format.

 

Applicants may be business owners if they provide appropriate documentation to demonstrate business earnings and expenses, as required to meet income and other requirements. Applicants who submit bank statements in the name of the business will be required to have the business listed as a guarantor on the lease. Proof that the applicant is the owner of the business is also required (e.g., state or local corporation registration documents such as Articles of Incorporation, Annual Report or Good Standing Report).

 

 

Housing-Related History

 

Must have stable housing payment history. 

 

Applicants with outstanding housing-related debt will be denied. However, if the applicant satisfies the debt and provides verifiable evidence of such satisfaction the decision may be reevaluated.

 

Applicants may not have any evictions filed within the past 5 years. (Explanation Letters from former Landlords and/or Attorneys as well as Court Documents will be reviewed upon request if provided in a timely manner.)

 

 

Criminal History

 

A criminal background check will be conducted for each applicant and occupant age 18 years or more. The application may be denied for any of the following reported criminal offenses that the applicant has been convicted of within the timeline identified below prior to the application date, except as noted below. All records are evaluated from the date of disposition ie. the judgment date/date of conviction. Each applicant will be evaluated on a case-by-case basis, taking into account mitigating and surrounding factors.

 


 

 *The illegal manufacture or distribution of a controlled substance is cause for decline. Lesser felony drug offenses will be reviewed considering relevant individualized evidence such as the facts or circumstances surrounding the criminal conduct, age at the time of conviction, as with the evaluation of other felony convictions.

 

Additional Disqualifiers. 

 

No open bankruptcies at the time of application and recently discharged bankruptcies subject to review and consideration.

 

No bank account or ability to verify income through consistent bank deposits. One month of pay stubs and 2 months of bank statements are required.

 

If a bank account or pay stubs or additional income data must be verified for any reason, the applicant will be required to link their bank account through the online application system which will validate all income into the associated bank account. Failure to do so will result in a disqualification

 

 

Vehicle Restrictions

 

There are clear maximum numbers of vehicles allowed under the lease: a maximum of no more than four (4) vehicles are permitted at a detached single-family residence and a maximum of no more than (3) vehicles are permitted at a townhome, condo, or attached single family residence. The actual number of vehicles, while capped as stated, may be fewer depending on space limitations so that short driveways, limited garage space and on street parking restrictions may further limit the number of vehicles allowed on site at the residence, under the lease. Vehicles must be operational and have current registration up to date. Additional HOA restrictions may apply to the number of vehicles, commercial vehicles and allowed parking locations

 

 

Pets

 

Subject to Management approval and exceptions that may be required by law, up to 3 animals are allowed per home. Management will review home size, HOA rules, breed, among other things. There is one time per pet fee due at the time of lease signing. $300 for first pet; $150 for each additional. There is also monthly pet rent in the amount of $25/pet due monthly with rent. Pet rent is generally collected only on dogs and cats. Exceptions may be made consistent with state and local law as it relates to emotional support animals and service animals.

 

No farm animals are allowed, and reptiles and other small pets must be confined to an aquarium or cage not larger than 55 gallons.

Management prohibits Pitbulls, German Shepherds, Akitas, Rottweilers, Staffordshire Terriers, Chow Chows, Presa de Canarios, Doberman Pinschers, Mastiffs, Great Danes, Cane Corsos, Siberian Huskies, Alaskan Malamutes and Wolf Hybrids and mixed breeds that include any of the above.

 

Service animals and emotional support animals are not considered pets. Fees and other restrictions do not apply to service and emotional support animals. In the event applicant has a service animal or emotional support animal, applicant will be asked to provide additional documentation verifying the service pet or emotional support animal. Brandywine Homes USA will not ask for the medical condition of the applicant, rather the documentation for the need of the animal.

 

 

Security Deposit

 

Generally, the security deposit is equal to one month’s rent. However, the automated formulaic model will identify situations of enhanced risk to the Owner which will require a greater security deposit, generally for credit scores under 600 (e.g., 1.5 months’ rent for a credit score of 550 – 600, 2 months’ rent for a credit score of 500-549. Scores lower than 500 are generally not accepted.). The model generally offsets a credit score lower than 600 with other factors in the application demonstrating less risk and/or with a higher security deposit (e.g. more than one month.), as permitted by law.

 

Security deposits must be paid within 24 hours of leasing signing (48 hours after approval) and must be paid in full to avoid cancellation of the lease.

 

 

Resident Liability Insurance

 

Management requires all residents carry resident liability insurance covering loss/damage caused by them to the house. The insurance must provide a minimum of $100,000 in coverage and include flood damage, among other things. It is optional but recommended that the resident also carry insurance protecting their personal property. Residents are required to comply with state and local law, even if more restrictive than these requirements.

 

 

Lease Generation

 

If your application is approved, we will generate a lease with your move in date and all necessary information Please read the document carefully as it is a legally binding contract. The lease must be signed within 24 hours of the time it is generated or the lease offer will expire.

 

 

Security Deposit

 

The Security Deposit is due within 24 hours of lease signing (48 hours after approval). If the security deposit is not paid within 24 hours the lease offer will be canceled.

 

 

 

Housing Choice Voucher Program

 

As of August 1, 2022 HCVP is only accepted in Memphis, TN, Orange County, FL, and Unincorporated Hillsborough County, FL. If applying with a housing voucher you must submit a fully and accurately completed signed voucher and RTA form that is not expired. Please note that even with HCVP leases must be signed within 24 hours of approval and the full security deposit must be paid within 48 hours. Additionally, you must have approval from housing authority and take possession within 14 days of approval.