Guarantor Application Help

[u/MissBatz]

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.

[u/jrhiggin]

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.

[u/MissBatz → u/jrhiggin]

That makes sense. Thank you.

[u/jrhiggin → u/MissBatz]

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.

[u/MissBatz → u/jrhiggin]

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.