Port Property Management is proud to accept all housing assistance vouchers. Although we do accept all forms of housing assistance, renters are still required to meet standard requirements for income and credit.
Local housing assistance agencies include (but are not limited to):
*GA (General Assistance)
Section 8 (Portland Housing Authority)
Maine Housing Authority
Housing Financial Assistance (HFA)
All housing vouchers, *except for GA, follow these standard income and credit requirements:
Credit Requirement: All applicants must have a credit score of 620 or higher to qualify for an apartment with Port Property Management. A valid US Social Security Number (SSN) is required to run a credit report. If the applicant(s) does not meet this requirement, they will need a cosigner. Cosigners are required to have a 680 credit score or higher. Applicants with a credit score of 500 or below will not be eligible to have a cosigner or rent with Port Property Management.
Income Requirement: All applicants are required to have an income of 2.5 times their portion of the monthly rent. This is the remaining amount of rent not covered by a housing voucher. If the applicant(s) does not meet this requirement, they will need a cosigner. Cosigners are required to have an income of 4 times the monthly rent (of the resident’s portion). **Most applicants do not know what their portion of the rent will be yet during the application process, but it is often around 30% of the full monthly rent. In these cases, we will estimate values for income requirements.
*GA: GA (General Assistance) is not categorized as income, so applicants with GA are required to have an income of 2.5 times the FULL monthly rent and have a credit score of 620 or higher. If the applicant(s) does not meet this requirement, they will need to have a cosigner. Cosigners must have an income of 4 times the full rent and a 680 or higher credit score.
Important notes: NONE of the local housing assistance agencies pay for last month’s rent up front, so all applicants must be prepared to provide payment for their last month’s rent as part of their move in costs.
Move in costs include:
First month’s rent
Security Deposit = $300-$700 (varies based on credit)
Last Month’s rent ($1000 of which is taken as a holding fee)
Application fee = $22 per applicant