Your credit score does not affect your eligibility for Section 8 or any rental housing assistance. However, Times Real Estate can carry out a credit check on you to determine if you can pay rent if approved.
There is a 600 minimum credit score check; We also require you to have enough funds to pay your rent when due.
If Times Real Estate checks your background and your credit score and finds out that you have a past of chronic lateness in rent payments and do not have enough funds to pay for the subsidized apartment by the government, we may not accept your application.
This is because you may possess a property that is too risky to manage and rent payments may not come as often as required.
To avoid this sort of disqualification due to past payment records, it is best if you offset all owed bills and rent payments.
We still have the right to look at your payment history to determine whether they want to assume the risk of renting to you, especially if the government subsidies don’t cover the full amount of the rent. You don’t necessarily have to have excellent credit, but you need to have a minimum credit score. (Fortunately, we understand the hardships of low-income families and try to make their credit requirements a bit more lenient.)
In truth, the better your credit score, the better your chances of getting your choice of affordable housing, however, less-than-perfect credit won’t necessarily disqualify you. At Times Real Estate Group, we try to take our applicants’ full story into account when qualifying them for housing, not just their credit score.
