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Nomad Resident Requirements

To lease a property on the Nomad Platform, applicants must meet specific eligibility requirements. These criteria cover identity, income, credit, rental history, and more. Each applicant in a household must qualify individually for the group to be eligible.

Verification of Identity

  • Valid government-issued identification (front and back)

  • A valid Social Security number

  • Non-US citizens may use an ITIN in place of a Social Security number

Verification of Residency History

Applicants must provide the past 12 months of rental history. Applications may be denied if:

  • There was an eviction or landlord judgment for unpaid rent in the last 3 years

  • There are unpaid rental balances (unless proof of payment is provided)

  • Evictions within the past 3–7 years (reviewed based on local laws)

Income Requirements

Applicants must show income of at least 3x gross or 2.5x net monthly rent. If not met, applicants may qualify with:

  • A co-signer with:

    • 700+ credit score

    • Household income 6x gross or 5x net monthly rent

  • Proof of savings or investments equal to 2.5x rent for the entire lease term (e.g., $60,000 for a 12-month lease at $2,000/month)

⚠️ Cryptocurrency holdings are not accepted as proof of income or savings.

Acceptable Proof of Income

  • Employment: 3–4 most recent paystubs (depending on pay frequency), showing YTD income

  • Self-employed: Most recent tax return + 2 months of bank statements showing personal income

  • Court-ordered payments (child support, alimony): Signed/certified letter from judge or official

  • Benefits (pensions, GI, Social Security, disability): Current award letter or consistent deposits for 6 months

  • Savings/Investments: Bank or investment statements dated within 31 days, showing balances equal to 12 months of 2.5x rent

Credit Report Requirements

  • Evaluated through Equifax VantageScore 4.0 only (outside reports not accepted)

  • All applicants 18+ are subject to credit and criminal screening

  • Applicants with no credit score must apply with a co-signer (700+ credit score)

  • Applications may be denied if:

    • Outstanding rent or utility debts exist

    • Bankruptcy was filed within the past 5 years

    • Past due debt exceeds $2,500 (unless a co-signer with 700+ credit is added)

Credit Score Rules

  • 550–599: Must have a co-signer with 700+ credit (or $750 non-refundable Co-signer Alternative Fee for rents below $2,000)

  • 600–649: Must have a co-signer with 700+ credit (or $500 non-refundable Co-signer Alternative Fee)

  • 600–679: Must have a co-signer with 720+ credit (or $500 non-refundable Co-signer Alternative Fee on select properties)

  • 680+: No additional requirements

⚠️ For properties $3,000 or above, the minimum credit score is 600. For properties $2,999 or less, the minimum is 550.

Criminal History

Nomad runs background checks on all applicants but does not use criminal history in the screening process. Results are shared with the property owner, who decides based on local laws.

Pet Policy

  • Property owners set rules on pets and maximum numbers allowed.

  • Pet fees may apply, except for certified service animals or ESAs.

  • Written agreement in the lease is required before keeping any pets.

Miscellaneous Requirements

  • Maximum occupancy follows HOA or local rules.

  • Applications are processed in parallel until a lease is signed or a deposit is paid.

  • Application decisions can often be made the same day if applicants respond promptly.

  • All payments must be made electronically. A security deposit is due at lease signing.

  • Falsified application information results in ineligibility and forfeiture of fees/deposits.

  • Tenants are responsible for utilities unless otherwise noted in the lease.

Housing Assistance & Vouchers

Currently, Nomad cannot process housing vouchers directly but will pass them to property owners. Owners decide whether to proceed.

Steps if applying with a voucher:

  1. Ask Nomad if the property owner will accept vouchers.

  2. Complete Nomad’s rental application.

  3. If credit, background, and income meet requirements, complete the RFTA rental packet.

  4. Landlord submits required documents to the Housing Authority.

  5. Housing Authority schedules and conducts an inspection. Property must pass inspection.

  6. Complete final steps with the Housing Authority and sign the lease.

⚠️ Owners are solely responsible for compliance with local housing voucher regulations.

Contact Nomad

📧 leasing@nomadlease.com
🌐 nomadlease.com