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GRG requirements to rent

Lake Villa How to Apply

1. REVIEW OUR RENTAL REQUIREMENTS

BEFORE APPLYING, PLEASE HAVE THE FOLLOWING ITEMS READ FOR SUBMISSION:

  • Showing Agent’s name and contact information

  • Current and valid Driver’s License or State ID

  • Valid Social Security number

  • Proof of Income - Paystubs, tax returns, bank statements, any other applicable statements. If using banking integration or payroll provider verification, have log on information handy. All income regardless of source MUST be verified (See Documentation of Income below)

  • If Applicant intends to use a housing voucher or any other rental assistance program, proof of assistance is required in the form of a statement or signed agreement. Housing voucher recipients must be able to furnish Request For Tenancy upon request.

  • Current or past Landlord’s email address and dates of residency for time frame requested on application

  • Pet Photos and vaccination records, if registering a Household Pet or Assistance Animal

  • Military Applicants must upload current branch orders and provide Commanding Officer’s contact information

Please see INCOME VERIFICATION below and have appropriate paperwork available for upload.

CREDIT SCORE:

625 Credit Score - A credit report will be obtained from each applicant to verify credit ratings. Income level plus verification of credit history will be entered into a scoring model to determine eligibility and security deposit levels. Unfavorable findings on credit reports that could negatively affect scores include but are not limited to: multiple inquiries, collections, foreclosures, charge-offs, repossessions, open bankruptcies, late payments and delinquencies.

  • One or more applicants (or all) 625 and above = security deposit equal to one month’s rent

  • One applicant 625 or above + one applicant 575-624 = security deposit equal to two month’s rent

  • Two applicants 575-624 = security deposit equal to two month’s rent, PLUS a qualified Co-Signer, (see Co- Signers)

  • No applicant under 575 will be accepted. The only exception may be an adult child that is a full-time college student or not contributing to the combined family income in which they are responsible and a non-leaseholder

RENTAL HISTORY VERIFICATION:

after 3 attempts, the application may get rejected. Any evictions and/or debts owed to a current or past Landlord within the last five years will result in an automatic denial. Applicants that are currently living with family and/or have little to no rental history will require either a co-signer or additional security deposit. Security deposit levels may be increased up to three times the rent to overcome deficiencies in the application and a Co-Signer may be accepted.

CO-SIGNERS:

A co-signer may be accepted if credit scores are unfavorable or if applicant has no rental history. The Co-Signer must also complete our application, meet all application criteria and have a minimum of a 700 credit score. Gross income of co-signer must meet or exceed 4x the monthly rental price and must be listed as a leaseholder on the lease agreement. A Co-Signer may be used to assist with credit scores or deficiencies in rental history however, household still must demonstrate income equal to 3x the monthly rental payment for which they are responsible apart from Co-Signer.

SECURITY DEPOSIT GUIDELINES:

The security deposit held will be equal to one month rent or unless designated otherwise in the listing or designated above, dictated by credit scores. We reserve the right to hold additional security deposit funds if applicant has little to no rental history or if one applicant’s credit score is less than 625, (please see CREDIT SCORE above). Pet deposits are additional and will be calculated based on PetScreening scoring models and/or owner or specifications. Regardless of security deposit levels and/or credit scores, household must demonstrate income

DOCUMENTATION OF INCOME:

  • For income verification, you may choose between three methods of verification. Banking institution with log on information or have 4 weeks worth of pay stubs available for upload depending on which method you choose. Pay stubs must be the most recent and consecutive and must include year to date earnings. If an applicant has more than one job or source of income, paystubs or proof of all are required to display all combined income.

  • If any income is coming from SSI, child support, alimony, a housing voucher or any other source of income, proof must be provided in the formof a statement or official document. Some may require court documents or bank deposit records. Voucher holders must be prepared to furnish Request For Tenancy.

  • Self-employed applicants must provide sufficient proof of income. We require paystubs from the self- owned company (if available), the past two years of tax returns and the past two months of bank statements. Other documentation may be required at Grand Realty Group’s discretion for additional clarity.

PETS:

Pets are considered on a case-by-case basis and it is up to you, the applicant and/or your agent to verify whether or not the property you’re applying for will accept pets or if there are any limitations prior to submitting an application. The property listing on the MLS and/or other websites will reflect whetherpets will be considered and if there are any restrictions and/or limitations for the property that you are applying for. You may call our office to inquire about the property’s pet policy prior to applying, 847.469.3105. There will be no refunds given to applicants that apply for properties that do not allow pets or if your pet is denied for any reason.

All pets must be fully vaccinated, spayed or neutered, at least 2 years old (no puppies or kittens) and not to exceed 100 pounds, limit 2 pets per household. A pet deposit will be collected for each pet based on PetScreening.com profile findings, Grand Realty Group, Inc reserves the right to request deposit amounts at will and in some cases, a monthly pet rent will be required.

ALL APPLICANTS MUST CREATE A PET PROFILE:

A pet profile must be created for each pet through PetScreening.com. Vaccination records and clear photos of each pet are required. This profile must be renewed annually at the expense of the Resident and vaccinations must always be current through the duration of a lease agreement and proof thereof uploaded to PetScreening.com profile when renewed. Grand Realty Group, Inc also reserves the right to deny any pet that does not meet our criteria or is deemed to be considered high risk based on their PetScreening.com profile.

NOPETPROFILE:This is a FREEprofile that you acknowledge and understand our pet policy. Also

The three types of profiles available are:

stating that you will not be bringing any pet/animal to the property for any reason and there is no visiting of any animal, no pet sitting, etc. without written consent of Grand Realty Group, Inc.

  • HOUSEHOLD PET PROFILE: (Fee collected separately through PetScreening.com) You must upload photos, vaccination records and input specific information regarding breed, age, weight, and behavioral history.

  • ASSISTANCE ANIMAL: This is a FREE profile for any assistance, support or service animal. You must upload photos, medical documentation if required, input breed information, vaccination details and behavioral history. Please understand that the licensure must be verified by PetScreening.com and can take up to 5 business days for the approval from their animal review team.

Service/support animals are not pets and will not be treated as such. We comply with all local, state and Federal Fair Housing laws. Proper registration will be required and must be current at the time of application and throughout the duration of lease.

2. COMPLETE THE RENTAL APPLICATION

Please click the link below to access our application.

CLICK HERE TO APPLY

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