Good income, bad credit: is renting a home possible?
1,118My fiancé and I are working on repairing our credit. We have great, steady and secure careers and we have the income but our credit scores have held us back from getting into a home. We are willing to put down any additional deposits if necessary but I feel like we are denied before even given that option.
We are looking for a home in the Sugarland, Richmond or Katy areas. We have 2 pets and want to stay under $1500/mth.
Is renting a home with bad credit possible? Or should I continue dreaming from my 3rd floor apartment building? ????
Asking for a friend (a chance and a realtor)
4 answer(s)
About 5 years ago
Like what everyone else has said, I suggest finding an agent, let them know your situation. Their is bound to be a landlord out there willing to work with you.
Like (1)
DislikeAbout 5 years ago
Renting is possible with not so desireable credit scores. However owners are more cautious. If the rental history and criminal history is good but because of the demand in some areas for leasing there may be multiple lease offers which could make the owner think twice about the good income vs having someone that has everything clean. Also keep in mind you can offer 18 mths-24 mths on your lease to make the landlord feel a little better about your commitment to stay. The last option would be to offer a little more on the deposit to help the landlord make a decision. Olivia Williams-Broker Associate Realm Real Estate Professionals 832-473-6588
About 5 years ago
Have you considered a Guarantor? If you and your partner are well on your way to establishing good credit, you may find a family member who can support ad sign as a guarantor for your lease. This person will need to fill out the "Residential Lease Guaranty Form" and will more than likely go through the verification processes on your behalf. Best of Luck!
About 5 years ago
Hi Natalie,
Most landlords have similar criteria of tenant selection: income requirements (usually 3x the amount of one month's rent), good rental history (no evictions and late payments) and good credit.
But ultimately it's also up to them (since they own the house) to decide and sometimes they may request additional funds as a security deposit in lieu of less than stellar credit score.
Landlords are human, they understand things happen and some are willing to take it on case by case basis.
I've helped few clients with less than great credit rent homes.
(FYI, I noticed you mentioned pets- just on a side note, landlords will also request pet deposit).
Good luck!
Yvonne Chauvin
Realtor
Better Homes and Gardens Gary Greene
281-686-0143
yvonnechauvin@yvonnechauvin.com
Most landlords have similar criteria of tenant selection: income requirements (usually 3x the amount of one month's rent), good rental history (no evictions and late payments) and good credit.
But ultimately it's also up to them (since they own the house) to decide and sometimes they may request additional funds as a security deposit in lieu of less than stellar credit score.
Landlords are human, they understand things happen and some are willing to take it on case by case basis.
I've helped few clients with less than great credit rent homes.
(FYI, I noticed you mentioned pets- just on a side note, landlords will also request pet deposit).
Good luck!
Yvonne Chauvin
Realtor
Better Homes and Gardens Gary Greene
281-686-0143
yvonnechauvin@yvonnechauvin.com
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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