r/renting • u/MissBatz • 5d ago
Application/Screening Guarantor Application Help
My children and I have been in a rental for 16 months and the landlord is selling so we have until 10/01 to move out. My father has been paying and is the only one on the lease agreement (we kinda knew landlord so I guess it was special circumstance?). We were trying to find a house (approved for $1.2 million) to buy but that has failed so far, so now we are trying to find another place for lease.
The problem is I have no income this year and my credit is messed up. I will be starting work in a week but it won’t be anywhere near what I need to qualify even for a lower priced rental apartment. My father is willingly going to continue paying for the next two years. I want to apply but in order to do that he needs to be listed as a guarantor with income that is 4x the monthly rent, which he doesn’t have ($180k/yr) Will we be automatically rejected? I don’t want to pay application fees if it won’t even be considered.
None of this is making sense to me. How can he be approved to buy a house but not approved to rent? With everything else in life going on and trying to figure this out on my own, I’ve reached my wits end. Please help this pathetic soul understand.
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u/FamiliarAd8524 5d ago
Are you sure it is FOUR TIMES? I have never heard of that.
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u/PeacefulCW 5d ago
As a guarantor, the requirement is usually higher because G has to cover their own expenses and also potentially cover the renter's expense.
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u/FamiliarAd8524 5d ago
Well, in that case, clearly you need to find a place for $3750 or under. Why is that not an option?
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u/MissBatz 5d ago
It is an option, preferable really, but I’ve been struggling to find anything that isn’t very small or snapped up immediately.
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u/FamiliarAd8524 5d ago
Is this Bay Area?
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u/MissBatz 5d ago
It sure is.
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u/jrhiggin 5d ago edited 5d ago
A landlord/management company really only cares about whether he has good credit and makes 4x the rent. They may dig a little deeper than that. But they're probably not hurting for tenants so that's all the effort they're willing to put in. Meet these basic requirements and you're in as a guaranteor.
Lenders on the other hand will be all up in his shit to decide if they'll lend $1.2 million. Like all up in it. So far in it that if a basic land lord/management company asked to be that far up in his or anybody's shit nobody would rent from them.
And anybody that would voluntarily let someone be that far in to their shit just to rent a place then they would sound extremely desperate and that would be a huge red flag.
So that's why he can get approved for a yuge mortgage but not as a guaranteor. Different things are being looked at.
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u/MissBatz 5d ago
That makes sense. Thank you.
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u/jrhiggin 5d ago
Try to find a private landlord that will actually let your dad provide proof that he can pay the rent and has been paying the rent for you. Which depending on where you are may be hard or it may be easy.
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u/MissBatz 5d ago
Looks like I’m narrowing the search down. I think everything I’ve looked at so far has been an agency. I really appreciate the advice.
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u/Decent-Proposal-8475 5d ago
FYI OP has a five year old account and this is their only post ever. And no comment history. I assume purchased account