THE APPROVAL PROCESS
What are the Usual Approval Process Documents needed?
Upon viewing an apartment that you like, you’ll be prompted to make an offer on it which will then begin the Approval Process. You will pay a 20$ Application Fee which includes a background check. Once this is done, you’ll have to provide Proof of Income (the annual income must be at least 40 times the monthly rent). If you do not have credit history, it won’t necessarily harm your approval process. Be sure to have a US Bank Statement handy (the amount or money reflection in the Statement is not important, this acts as a proof of a US bank account). Bring a Visa if you are not a US Citizen or Green card holder and finally, bring an official ID or Passport.
What Does Array Property Group do to help with the Process?
Array Property Group has a long standing experience with Real Estate in New York and thanks to our talented and passionate agents, we’ll be lending you a hand every step of the way of your leasing process. We’ll help you understand the ins & outs of the approval process and we’ll help you solve issues if they do arise (which hopefully they won’t!)
I have a pet I will move-in with, can I still get Approved?
Of course, having a pet does not necessarily impact your application unless the building you are moving into does not allow pets, or if the breed/weight of your pet does not fit the criteria demanded by the building. You should expect a pet-fee as this is quite common.
I am currently a Diplomat and am looking to move into a No-Fee Luxury building, is my Approval Process different?
Yes, your approval process will differ slightly in that you will almost always be asked to waive your right of diplomatic immunity. It is also not uncommon to require a third party Guarantor such as the company Insurent. Additionally, there are some criteria that will not be applicable to you, such as the requirement of tenants to make at least 40 times the rent to quality (since UN employees and Diplomats don’t pay taxes).
I am currently self-employed, does my Approval Process change than the regular requirements?
Yes, you will have to have some additional documents handy during your application process. For example, you will require a letter from a Certified Public Accountant, Your Personal Tax Returns and you must have good credit history.
I am a student, what is my Approval Process going to be like?
You will have to bring some additional documents that will relate to your current study and course. Be ready to have your University schedule handy as well as your acceptance letter. If you are not a US Citizen, make sure you have a copy of your Visa – the Visa must be valid for the full duration of the lease. You should also have a Guarantor if you do not meet the 40 times the rent in income. Your Guarantor must make at least 80 times the rent in order to qualify as your Guarantor. If you do not have a Guarantor, you can also use Insurent or the Guarantors service.
How long does it usually take to get Approved?
The conventional time of turnaround for approval depends very much on the Management Company that owns the building you are aiming to move into. However, we can tell that from experience it usually ranges from 24 to 48 hours on weekdays and sometimes 72 hours if it’s over the weekend.
What if I don’t get Approved?
Don’t worry! We’ll explore a wide range of options regarding how we can solve this issue. Every situation is on a case to case basis, meaning we would help you analyze the reason for why the Approval was not granted and how we can find an effective solution.
I’m not from New York and I don’t have a Credit Score or a Guarantor, what can I do?
Most people coming to New York for their first time become confronted with the fact that they may not have all the requirements needed to move in to certain buildings. In your example, this would be a Credit Score or a Guarantor. There is no need to get stressed or hassled over this, we’ve got you covered with a wide variety of options that can help you navigate this issue. If you don’t have a credit score, you can rely on a Guarantor. If you don’t have a Guarantor, there are many online services that can become your ‘e-guarantor’/’online guarantor’ provided that you pay for their services. Most services tend to charge up to a month’s rent. The most used services we usually run into at Array Property Group are : “The Guarantors” and “Insurent“.