Here are the eligibility requirements for potential residents:
- Anuual Minimum household income: 50K
- (For Self-employed individuals: You will be asked to provide the most recent years tax returns, and the last 2 Quarters of a Profit & Loss Statement)
- The FICO score: 525 or higher from TransUnion credit bureau (score still does not guarantee approval if other conditions aren't met below)
- No history of evictions or broken leases within past five years
- No pending bankruptcies (If a Chapter 7, has to show discharged or satisfied; if a Chapter 13 is ok, however have to show making on-time payments)
- Anyone 18 or older will be subject to a background check & have acceptable criminal history.
- Must have an acceptable criminal history (no violent felony, no drug distribution/manufacturing, no sexual assault (cannot be listed as a sex offender), no crimes against children or animals).
Foreclosures: We consider a foreclosure or short sale as a factor in our review of the application. It is not in and of itself an automatic disqualifier. Client doesn’t need to wait for any period of time after a foreclosure or short sale before applying to the program. In fact, they can apply to our program while still in the process of going through a foreclosure or short sale.
3 pet max (total wt for all 3 pets cannot exceed 180 lbs.)
4 restricted breeds: Mastiffs, Dobermans, Rottweilers, Pitbull’s
If one of the restricted breeds is a Service Animal, the client must have them registered and provide documentation to HPA.
If the client(s) can pass the eligibility and pre-qualification questions, then they are able to proceed and apply to seek approval. Upon application, they will need to show asset and income verification such as 2 recent paycheck stubs, and an asset/bank account to show they have twice the rental amount of rent being requested. (Example: If you want to rent a place for $2,200 a month, you will need to show a minimal of $4,400 available in an account) Once HPA reviews their data, then they will get an “Approved” with rent amount. Then you can look at properties within that approved rent amount.
The minimum rent is $1,250 and the maximum is $5,000. HPA will purchase homes between $100K - $550K in most states.