Who can be a lease guarantor ?

amother

Topaz

Sun, Jul 09 2023, 4:36 pm

I would assume the landlord is going to have the same "right" to know the financials of any guarantor as the renter.

Why wouldn't they since they would be relying on the financial ability of this person to pay the rent if tenant didn't.

amother

Sun, Jul 09 2023, 8:37 pm

amother Topaz wrote:

How do they get this information?

amother

Topaz

Sun, Jul 09 2023, 8:54 pm

amother OP wrote:

How do they get this information?

What are the apartment guarantor requirements?

A suitable guarantor needs to be financially stable and earn enough to cover your monthly rent on top of their expenses. Landlords may require a lease guarantor to earn 40x–90x the monthly rent in annual income to qualify. For example, if your rent is $2,500 a month, your guarantor would need to earn $100,000 – $225,000 a year depending on the lease agreement.

A guarantor will undergo the same tenant screening process as you, even though they will not live in the apartment. It is helpful if they are homeowners, as it shows they can qualify for a mortgage and are responsible enough to pay their own bills. They will also need a good credit history and excellent credit score, which according to (FICO), is 750 and above.

To screen a guarantor, a landlord will ask for the following information:

Bank statements: The landlord will want to see copies of savings and checking accounts statement.
Pay stubs: The last two pay stubs from all employers (if they have more than one job)

Social security number: The social security number is required to run a credit check and background check.

Tax returns: The past two years of tax returns may be requested if they’re self-employed or work cash jobs.