Application Criteria

Thank you for your interest in renting from HomeVault Property Management and your desire to understand our application criteria. We use a professional scoring system to evaluate each application. The following information summarizes the approval process.

  • Each person 18 years of age or older that will be living in the unit must submit an application.
  • No smoking of any kind is allowed in, on, or around any of our properties including balconies, garages and common areas.
  • Any evidence that an applicant has provided false information on the application will result in an automatic denial.

Below we discussl all the application criteria in detail:

FAIR HOUSING HomeVault strictly abides by the Federal, State and Local Fair Housing Laws and principles of equal opportunity. We do not discriminate on the basis of race, color, religion, national origin, sex, disability, familial status, ancestry, sexual orientation, gender identity or spousal affiliation.

APPLICANTS EACH proposed occupant 18 years of age or older must complete a separate rental application and pay our application processing fee of $65/applicant (Note: for NM residents – Gross Receipts Tax is included in the fee). This fee is non-refundable. If there is more than one applicant, your scores will be blended to arrive at a decision. If a co-signer is needed, the co-signer will be required to complete a separate rental application, and will be required to execute the rental agreement along with the resident(s) of the property. Any co-signer approved will be fully obligated to all conditions and terms of the rental property lease.

CREDIT CRITERIA HomeVault may obtain a consumer credit report for each applicant. This report must be generated by HomeVault, and not the applicant. Although we do evaluate creditworthiness, we do not use your credit scores as the sole determining factor in our decision to approve or decline your application. In addition to a credit report, we also run an eviction search, bad check search, national criminal database scan, residential history verification, employment verification and driver’s license verification. We also may contact current and previous landlords, employers, and/or references provided by you. The screening result will be a score based on an objective algorithm, (this will be a blended result if multiple persons are applying together).

CRIMINAL HISTORY Prior convictions may affect the application score but will not be cause for denial unless the overall score does not meet the requirements for approval. Applicants may be denied for any sexual related offenses for any time period, or for offenses involving domestic violence if applying for a condo or apartment.

INCOME VERIFICATION Proof of Income – Please provide us with copies of your last 2 paycheck stubs or a letter on company letterhead from your employer to verify income. If you are unemployed or self-employed, please provide a copy of last year’s income tax return and your last 3 month’s bank statements; other income such as retirement, SSI, child support, etc. must have reliable documentation if you wish us to consider it.

IDENTIFICATION Photo identification is required. Please provide us a copy of your driver’s license or other government issued photo ID.

SOCIAL SECURITY NUMBER Each adult applicant must present evidence of a valid Social Security or Tax ID Number for the purpose of obtaining a credit report and matching to a photo ID.

NUMBER OF OCCUPANTS The maximum number of occupants allowed in the rental property is 2 per bedroom.

SMOKING POLICY All of our properties are non-smoking properties. No smoking is permitted inside or near any of our rental homes where smoke can vent into the home.

PETS Most of our properties will consider pets on a case-by-case basis unless otherwise stated. Before final approval can be obtained, we require that your pet be screened through a third-party pet screening service. If you have a pet, please go our petscreening portal. A monthly Pet Admin Fee will be charged (the amount of which is dependent on the screening results, ranging between $25-$45) plus an upfront Pet Onboarding Fee (the amount of which is dependent on the screening results, ranging between $150-$700, and a discount of 50% for each additional pet after). If you have a dog, you must make sure your renter’s insurance policy insures coverage for that breed of dog. Additionally, if the landlord’s homeowner’s insurance policy does not presently insure for that breed of dog, you may have additional expenses to cover the Landlord’s increased insurance premium. We can’t answer specific questions about your breed at a given property until you first apply.
SERVICE/ASSISTIVE ANIMALS Service and assistive animals are always welcome subject to prior verification. If you have a service/assistive animal, please access the following link to provide the required verification.

LEASE ADMINISTRATIVE FEE A lease administrative fee of $150-$650 may be applicable depending on your final application score. It has been shown through both statistical and historical analysis that an applicant’s overall credit rating directly affects the management of the tenant and enforcement of the lease. Applicants with a lower overall credit rating present increased administrative costs associated to enforce the lease. To compensate these administrative costs of lease enforcement and allow applicants with a less than perfect credit rating to still gain approval for their chosen property we have implemented a scoring model that allows applicants to pay a lease administrative fee to offset the increased administrative costs in approving them with lower than a good credit score.