Application Requirements
Willow Wood Property Management is an equal housing opportunity provider. We do not discriminate on the basis of race, color, sex, religion, disability, familial status, national origin, or any additional classes protected by applicable federal, state, and/or local law.
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At Willow Wood PM, we believe communicating the rental requirements clear and upfront is the best approach to cultivating a trusting and lasting landlord-resident relationship from the start.
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While some of our homes may have special application and qualification guidelines, you may gain peace of mind of our general qualifications here.
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If you have any questions about our qualifications, please don't hesitate to reach out to our office.
1
Rental Application Requirement
A rental application must be completed for each person 18 years of age or older for those that will be living in the home.
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Application Fees
A non-refundable application fee of $75 is required by each person 18 years of age or older that will be residing in the home. All fees must be paid through our online portal. After application approval, a $250 reservation fee is required to take the home off the market for up to 14 days. All occupants, including minors must be listed on the application where requested.
3
Identification
In an effort to prevent fraud and ensuring your personal information is protected is paramount to us. All applicants must present a valid government-issued photo identification. Applicants will also be required to provide a Social Security Number (SSN) or Taxpayer Identification Number (TIN) at the time of application. Any fabrication of these documents will result in an automatic application denial.
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Income
The combined household income must be equal to or greater than 3x the monthly rental amount. All income is verified and documentation is required. Possible documentation includes:
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- Paystubs (2 most recent for bi-weekly pay, 4 most recent for weekly pay, 1 most recent for monthly pay). Must be complete and unaltered.
- Offer Letter (letter must be on company letterhead, stating hire date, pay rate and frequency, signed and dated by management). Offer letter may be insufficient if dated +/- 60 days from date of submission.
- Benefit Award Letter - for those that receive social security, supplemental social security income, disability benefits, veteran's benefits, or pensions. Must be the most recent letter.
- Child Support/Alimony - must be court document and include current payment history
- 1099/Self-Employed - may provide three months of bank statements
- Cash Savings - a household that is just shy of the 3x rent income requirement, may provide the most recent three months of bank statement showing their cash savings as income consideration.
5
Credit History
We understand life happens and you may meet a challenging financial period in your life. We seek to balance the prospective resident's needs with our own in regards to the financial-risk of each applicant.
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- Credit Score(s) & History - both your credit score and history will be considered. A perfect score does not always guarantee a perfect resident, neither does a tanked score indicate that the applicant will be an unsuccessful resident. We look for credit trends and a favorable credit history for a minimum of one year prior to your application.
- No Credit History - if the household has no credit history, then an approval can be granted with an approved co-signer/guarantor. If a single applicant of the household has no credit history, then the remaining applicants must be able to qualify for the home on their own. If they cannot, a co-signer or guarantor may be considered.
- Collections - any monies owed to utilities or landlords will result in a denial, unless these items are paid and proof of payment can be verified.
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Co-Signer/Guarantor
A co-signer/guarantor is an application that cosigns the lease and will be financially and legally responsible for the lease term. A guarantor may be required for applicant that does not have credit history.
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Guarantor must have 700+ credit score and must have 5x the amount of one month's rent in verifiable gross income.
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Rental History
Application will result in automatic denial if there have been any evictions or eviction actions within the last 5 years.
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Criminal Background
A criminal background check will be completed for each applicant. Application will result in automatic denial for any violent offenses, drug-related offenses, and offenses requiring the individual to register as a sex offender. Any other criminal offense, deferred adjudication, or conviction will be reviewed and considered, if it occurred more than 5 years from application date.
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Security Deposit
A refundable security deposit equal to one month's rent is required. At the end of the lease term, the security deposit will be returned to the applicants, less any costs incurred by the landlord for cleaning or repair of the house (excluding ordinary wear and tear) and in accordance with the terms of the lease and lawfully permitted.
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If the applicant received a conditional approval, a security deposit equal up to two month's rent may be required.
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HOA Communities
Some of our rentals may be located within an HOA Community, which are governed by their own HOA agreements called the Homeowner's Association Covenants, Conditions, and Restrictions (CC&Rs). These agreements may have specific rental, resident restrictions, and require additional documentation from the rental applicant(s). They may also come with their own benefits, such as community amenities.
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If you have chosen a home in an HOA community, the application process may taken up to 30 days to complete. We encourage you to reach out to our office to confirm the estimated timeframe to process your application, so you may plan accordingly.
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Conditional Applications
A conditional result may require additional documentation, double deposit, a monthly risk-guarantee fee, or co-signer, due to income or credit concerns. In this event, you are given 2 business days to arrange for the conditions in your specific case. If those conditions are not or cannot be met, then the application will be denied.
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Denied Applications
If your application is denied due to information provided in a credit report, you will be provided with the name, address, and phone number of the credit reporting agency from which the information was obtained. You may request a copy of your credit report from the credit reporting agency within 60 days of denial.
CONTACT US
TO SECURE A TRUSTED PM TODAY,
CALL OR EMAIL US:
Email: info@willowwoodpm.com
Tel: 980-260-9776
MAILING ADDRESS:
10 Burton Hills Blvd Ste 400
Nashville, TN 37215