What does Allstar consider in the Qualifying Process?
Residence History
How have you treated your previous landlords or mortgage companies?
We review your residency over the past 3 years to ensure a positive, verifiable history. We reach out to your landlords to inquire about late payments, NSF checks, warrants, complaints, and the condition of the property when you moved out. Additionally, we confirm that you provided proper notice and did not leave with an outstanding balance or any collection accounts. If you rented from an apartment community, they typically require written notice before they will verify your rental history.
We send these verifications via email, so as long as you provide the correct email address for your landlord or rental company, the process is quick and straightforward.
Have you owned a home and paid a mortgage?
Your payment history will be reflected on your credit report, so we won't need to contact the lender directly.
Employment & Income
Credit Report
Do you have verifiable income of 3 or more times the monthly rent?
We will contact your employer to confirm your job position, income, and length of employment. To speed up the process, please provide your most recent 30 days of original pay stubs and your employer's correct email address. Our system allows you to easily upload clear, full pictures with your application. If you’ve recently started a new job, you can submit an original offer letter on company letterhead, and we will verify your income from there.
Are you self-employed?
If you're self-employed, instead of pay stubs, you can provide one or more 1099 forms showing income from contract work. If you own a business, we'll ask for the following to verify your business license: (1) two banking statements showing monthly deposits and balances, and (2) a copy of your most recent year’s tax return, signed by an accountant.
Do you have other sources of verifiable income?
We may accept other sources of income like Social Security, retirement or pension, trust funds, disability payments, substantial savings accounts, spousal or child support, and second jobs, provided there’s written verification. Tips or cash payments can only be considered if verified in writing by your employer.
Can we combine our income?
For married couples, income is combined to meet this requirement. If your income falls short, a qualified co-applicant can help make up the difference, as long as their credit and residency history are acceptable.
How have you paid your past obligations?
Your payment history, debt amounts, and available credit are typically shown in your credit report. Allstar uses Experian to pull credit reports and Beacon scores for all adults (18 years and older) who will occupy the home. Applicants with Beacon scores above 600 who meet income and residency requirements are generally approved with the advertised security deposits. However, applicants with low credit scores, recent bankruptcies, collections, or slow payment histories may still be approved, but could be asked to pay higher security deposits after evaluating their income and residency. If you know your credit is poor, be prepared: you may need to pay a deposit equal to 2 months' rent or more to offset the owner's risk.
Other Requirements
• A valid photo ID, such as a state driver’s license or state-issued photo ID card, is required with your application.
• A valid Social Security card, Resident Alien Card, Work Visa, or Passport is needed to confirm your legal status in the U.S.
• All adults (18 and over) must be included on the application and lease, and provide the necessary identification. Children under 18 are not required to provide Social Security numbers, but their names and birth dates are required if they will occupy the property.
Allstar may be able to offset a weak area by strengthening another. For example, a larger security deposit or a qualified co-applicant may help balance out weak credit or recent employment.
At Time of Application
- Non-Refundable Application Fee of $75 for each adult applicant payable online or in office.
- *Upon approval of your application, the security deposit & a signed lease are required to take the property off the market. This deposit is non-refundable.*
- The full first months payment is not due until possession is taken.
- You can apply online using our secure online application.
To Secure or Hold your Property for up to 3 weeks
Security Deposit: The required full security deposit is payable with certified funds or money order (all but $300 is fully refundable).
At Time of Move-In
- Security Deposit: The security deposit is usually one month's rent (depending on credit), payable at move-in only with certified funds or money order (all but $300 is fully refundable).
- Pet Fee: There is an additional fee required depending on the number of pets. The pet deposit is generally $500.00 each for the first two pets and is non-refundable. (Max $1000).
- Admin Fee: Upon execution of lease and before move in date, a $40.00 Processing/Admin Fee will be due. This is a non-refundable fee and is required to be paid upon move in along with first month rent.
Important note: The following breeds are not allowed by some insurance companies: Pit Bull, Doberman, German Shepherd, Rottweiller, Chow, or any mix of these breeds.
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