Indiana Residential Rental Qualification Criteria
September 2022 Update
Thank you for your interest in applying with HomeStar LLC, a locally-owned Indianapolis residential rental service. This Residential Qualification Criteria may be modified from time to time by Landlord at Landlord’s sole discretion. Please note that the criteria does not constitute a guarantee by Landlord.
Download a free credit report through 12.31.2022: www.annualcreditreport.com
Credit Karma (app) provides free credit pulls as well (soft pull)
Applications:
• Complete an application for each occupant 18 years of age or older
• Income verification submitted for each application ( 3 pay check stubs)
Credit Score documentation for each applicant. Free credit reports at www.annualcreditreport.com through 12.31.2022
• Identification documents for each applicant (current state-issued photo IDs or a current passport are acceptable forms of ID)
Note: Falsification of any information on an application may result in applicant’s automatic denial. If an applicant is denied falsifying paperwork, Landlord may retain any deposits or fees.
Equal Housing:
• Landlord and Landlord’s agents are committed to providing equal housing opportunities to all Applicants regardless of race, color, religion, national origin, sex, disability, family status, sexual orientation, gender identity, lawful source of income or other protected class status under applicable law.
Resident Qualification Criteria:
Occupancy Guidelines:
• Maximum occupancy is two (2) persons per bedroom plus one
• Must be 18 years of age or older, unless deemed an adult under applicable law
• Credit score reports to be completed (must not be below 500; 600 or above meets qualifications)
• Open bankruptcies will result in automatic denial of the application
• Some credit scores may require further verification
Income:
• Combined household income must be a minimum of three (3) times the monthly rent between the approved financially responsible Applicants.
• If a household has three (3) or more Applicants, Landlord will only use the two (2) highest incomes in calculating the combined household income.
• Employed Applicants will be asked to produce pay stubs for the past four (4) consecutive weeks or the last two (2) consecutive months.
• Additional legal sources of verifiable income may be accepted. Examples include social security, child support, disability, retirement, bank statements, and any other legal, verifiable income. Applicants who are self-employed or proprietors of businesses will be asked to provide their last two (2) years of tax returns.
• Applicants starting a new job may be required to provide an Offer Letter on employer letterhead confirming start date and compensation terms.
• In instances where sufficient income requirements cannot be met, Landlord may elect to accept pre-paid rent or a Guarantor.
• Some income results may require further verification
Guarantor:
• A Guarantor must complete an application
• A Guarantor must have the income of four (4) times the monthly rent
• A Guarantor will be required to sign the lease
Rental History:
• Prior evictions may result in automatic denial of the application
• Applicant may be denied for an outstanding debt/judgment to any prior landlord
Criminal History:
• A criminal background check will be completed for each Applicant
• In evaluating an Applicant’s criminal history, Landlord will conduct an assessment of a risk to the persons or property posed by an Applicant such as: 1) type of crime 2) severity of the crime 3) facts or circumstances surrounding the crime 4) length of time that has passed since the crime 5) age of the Applicant at the time of the crime 6) evidence or rehabilitation efforts.
• Convictions for the manufacture or distribution of a controlled substance will result in an automatic denial of the application
• Landlord will not deny any Applicant solely on the basis or arrests or pending criminal actions.
Pets:
• Pets are allowed but no more than three (3) pets per home
• Certain dog breeds are not permitted: Pit Bulls, Staffordshire Terriers, Rottweilers, German Shepherds, Chow Chows, Doberman Pinschers, Akitas, Wolf-hybrids, and any mix contains one of these breeds.
• Pet fees, rent and or deposits may be charged, where applicable
• Livestock, poisonous, wild, or exotic animals are not permitted
• Assistance animals for persons with disabilities are not considered to be pets and are not subject to the above pet restrictions. Assistance animals require Landlord’s advance written approval.
Vehicles:
• No more than four (4) vehicles are permitted per household
• Vehicles must be operational and have current registrations
• Boats and trailers are not allowed without Landlord’s written approval
Home Owner Association (HOA) Guidelines:
• Residents must follow all HOA guidelines published by the neighborhood association. If guidelines are not followed, it could result in breach of rental agreement.
Renter’s Insurance:
• Landlord requires that residents obtain renter’s insurance for casualties such as fire, flood, water damage, theft and general liability. Renter’s insurance should be traditional HO4 policy and have a minimum of $100,000 liability coverage with Landlord identified as an Additional Insured (or other appropriate designation as available). Parker Insurance Group (if interested) is 812-275-2768 call or abush@parkergroupindiana.com email for quotes.