Residential Property Lease With Guarantor In Philadelphia
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You can usually be a guarantor if: You are over 21 years old. You have a good credit history. You have a separate bank account to the borrower.
How to Add a Guarantor to a Lease Talk With Tenant – Landlords should start by letting the tenant know that a guarantor is needed. Perform Background Check – After the tenant finds someone to co-sign, the landlord should screen the guarantor and conduct a credit check to verify their financial reliability.
In most cases, guarantors will fill out the same application as a full lessee. The difference being that some landlords require only a credit screening and not the full criminal + eviction history check for the guarantor.
If a prospective renter doesn't meet those criteria, they should consider finding a guarantor who has a credit score of 700 or higher and an annual income of at least 80 times the monthly rent. For example, if the rent is $2,000 a month, the guarantor would need to make at least $160,000 a year.
Financial Requirements Income: Guarantors need to have a much higher income than what is needed for the tenant to qualify. This is usually about 80-100 times the monthly rent. Credit Score: As we mentioned above, a good credit history is crucial for guarantors. Landlords often look for a credit score of 700 or higher.
You can search for properties that already work with us at by typing a city or zip code into the "Your Next Building Address" field. Buildings that appear in the drop-down accept TheGuarantors.
It will still be hard because guarantors are usually for students, and most landlords will expect working tenants to make 2.5 to 3 times the rent as you say, but you'll have a better chance than if you don't go into the details of your situation.
Typically, a Guarantor Agreement is appended to the end of a lease agreement as an addendum. If, for whatever reason, you need to add a guarantor to a lease that has already been signed, be sure to have all tenants sign the agreement as well as the guarantor.
A guarantor's form should include a space to fill in the home address, work address, phone number, and email address. The contact details are what will be used to contact the guarantor in the future if the principal fails to meet agreement terms. This is a very important feature of the guarantor's form.
Guarantors may need to give information to a landlord or letting agency to show they can take on the responsibility of being a guarantor: Proof of identity, like a passport or driving licence. There will be credit checks that they need to pass. Applicants will have to show wage slips or proof of income if retired.