Section 8 Tenant Screening Question
We just bought a property in Baltimore and are getting it ready to list for rent. We have our screening requirements outlined that we typically use, which include that the tenant must make 3x the rent and put down a 1-month deposit prior to move-in. This will be our first time accepting vouchers. My question is when we're reviewing an application from a Section 8 Voucher holder, would we verify that they make 3x the portion of the rent they're paying (Baltimore City pays 70%, Section 8 voucher holders pay 30%). For example, if rent is $1500 per month they would need to make at least 1350 per month and put down a $1500 deposit since Baltimore City doesn't cover deposits? Just trying to gut-check if I'm thinking about this the right way. Also in response to this thread please share any words of wisdom or advice you have regarding accepting Section 8 vouchers.
Thank you!