What are the income and credit expectations for recipients of rental assistance?

For Housing Choice Vouchers holders (Section 8) or recipients of rental assistance from another program, your household's income and credit expectations are likely to be modified. Here's what you can expect!

Regarding income expectations, owners most often select the standard that a household's collective gross monthly income be 3x that of rent. This expectation may vary from 2x or even 4x rent in monthly incomes. When considering your rental assistance, you'll simply count the amounts received monthly as part of your household's income to meet these expectations. 

 

For instance:

Assuming your rental assistance program covers the entirety of your rent rate for the entirety of your lease term. A property with the rent rate of $1000/mo and income expectation of $3000/mo would expect your household's gross monthly income from sources other than your rental assistance program to be $2000/mo. 

 

Regarding credit score expectations, there is no standard flexibility toward credit score when considering the support of rental assistance. Generally speaking, owners will be considerably flexible toward these credit scores. In fact, there are many owners who may not have any concern toward credit score provided rental assistance.

That said, the content of consumer and background histories will still be taken into account when making a decision.