Applicant Qualifications
Fair Housing Statement: We will show, qualify, refer and lease to a prospect in accordance with Federal Fair Housing Laws. We do not discriminate against any person because of race, color, religion, sex, national origin, familial status or disability.
Income Criteria:
1. Gross Income Requirements: Prospective Residents must meet Gross Income to Rent ratio of 3 times Gross Rent. For example, if the gross monthly rent is $1,000, then your gross monthly income (combined for room mates, etc.) would have to equal or exceed $3,000.00 per month (1,000 x 3 = $3000).
2. Income Verification:
A. All income to be used to qualify must be verifiable.
a. Employment verification letter
b. Thirty Days worth of paycheck proof
c. Prior year's tax return
B. Self employed, company owner, or family-owned business
a. Prior year's tax return of individual
b. Company's financial statement
c. Income verification letters do not qualify as verification.
d. Broker's year end statement
C. Unemployed with other liquid assets
a. Bank statements; balance must be sufficient to qualify under rent to gross income ratio. Account not used as collateral for loans.
b. Dividends, etc. from financial portfolio must qualify as above and must be verifiable. (Schedule D of the applicant's tax return)
D. Other income
a. Child support and alimony may be used as long as the amount does not represent more than 25% of amount needed to qualify. Employment income to be used first, then add amount to meet requirements. Court ordered documents and prior year's tax return needed.
Current/Past Residency
Each applicant must have 12 months of acceptable prior residency.
1. Each applicant must have 12 months of acceptable prior residency.
2. Have fulfilled the terms of their current lease.
3. Have a good rental payment history.
4. Not violated the term or the lease covenants or agreements of current/previous lease.
5. For a first time renter, the above may be waived upon c onsideration of other screening/income parameters
Exceptions/Alternatives
If the applicant does not qualify under the terms set forth above, provided the discrepancy is not excessive, they may have a guarantor on the lease. The co-signer must meet the above criteria and have monthly income greater than four times the monthly rent.
Other Information: Falsification or omission of information by an applicant will result in rejection.
HOLDING/GOOD FAITH DEPOSIT
Applicants hereby acknowledge and agree that your deposit requirements, once paid will represent a HOLDING/GOOD FAITH DEPOSIT for the Unit assigned and agreed upon by all parties.
- We require a "Holding in Good Faith Deposit" in order to hold the property off the market until the scheduled move in date. Once the application is approved, the "Holding in Good Faith Deposit" becomes the security deposit. If the applicant fails to submit the balance of the security deposit within the five (5) days, the "Holding of Good Faith Deposit" is forfeited and the property is made available to another applicant. Once all deposits have been made, if the applicant fails to enter the lease agreement at the predetermined move in date, the entire deposit is forfeited as liquidated damage and the property is made available to another applicant. Once your predetermined move-in date is established, you will be required to pay rent as of that date. If your application is denied, your good faith deposit will be refunded. Refunds will be sent via mail within thirty (30) days of cancellation.
- The security deposit ranges from a minimum of $500.00 to $1,000.00 maximum. The required amount must be paid in full by certified funds within five (5) days after the application has been approved. The total security deposit will be held in a NON-INTEREST bearing account for your benefit in the following bank: BB&T
- Cancellations Procedure: Your application must be cancelled within seventy-two (72) hours of acceptance in order to have your good faith deposit refunded to you. The seventy-two (72) hours begins when we notify you that you have been approved for the apartment. Refunds will be sent via mail within thirty (30) days of cancellation.
Rental Scoring and Your Rental Application:
Rental scoring allows landlords and property management
companies to manage financial risk involved in leasing
an apartment or unit. The rental scoring process provides
an objective and consistent review of relevant applicant
information allowing for real-time approvals or denials of
rental applications.
How is My Rental Score Determined?
Your rental score results from a mathematical analysis of information found in your consumer credit report, application, and previous rental
history. The consumer credit report may include payment history, number and type of accounts, collection activity, outstanding debt, and inquiries. In addition, the rental scoring process may consider information such as income to rent ratio, previous eviction and subprime credit records. Note that your rental score does not include or otherwise reflect any criminal records. The rental score represents an estimated risk level as compared to other applicants. Rental scores, much like credit scores, represent a range of numbers. The higher the number the lower the risk level, and conversely, the lower the number
the higher the risk. Because your rental score is based upon real
data and statistics, it is more reliable than subjective methods
of evaluating your information.
How is My Rental Score Used?
Landlords and property management companies use the
rental score and consumer report to evaluate your application.
They set the minimum score requirements for application approvals
based on the level of risk each is willing to accept.
Because each landlord or property management company sets their own risk levels, your rental score may result in an approval with one property and a denial with another.
What Factors Can Negatively Impact My Ability
to be Approved?
► Insufficient Income - the minimum acceptance to qualify for residency at this community is income equal to or exceeding 300% (also stated as 3x) of Gross Rent. This can be combined with co-applicants for the same unit to meet the guidelines.
► Credit history, quality and quantity – credit score of overall
credit history and ability to pay
► High debt load – if your debt load is equal to or higher
than your monthly income
► Payment behavior – late bill payments and not paying
down outstanding balances
► Collection accounts – utility, apartment, and other
housing related collections; excludes medical debt
► Bankruptcies – whether bankruptcy has been discharged,
was debt reduced and is behavior improved
► Landlord/Tenant – court filings or evictions for failure to
pay rent and/or other judgments in favor of apartment communities; debt owed to current or previous landlord/property management company
► Consumer subprime credit – payday loans, rental purchase
stores, subprime auto loans, etc.
► Criminal records – a list of previous criminal convictions are weighed by severity of criminal conduct. Note that while criminal records are not reflected in the rental score itself, they may impact the landlord’s or property management company’s decision regardless of income qualification criteria.
Who Do I Contact If I Have Questions about my screening?
If your application is declined, your application did not meet
the landlord or property management company’s minimum
score requirement.
You have the right to request a free copy of your consumer
report within 60 days after receipt of an adverse action letter.
If you would like to request a free copy of your consumer
report or dispute any information on your consumer report
that you believe is inaccurate, you may contact CoreLogic Rental Property Solutions (CLRPS) directly at P.O. BOX 509124 San Diego, CA 92150, ATTN: Consumer Relations Department, or by calling us toll-free at 888.333.2413.
CLRPS does not make approval or denial decisions and will not be able to provide you with the landlord’s or property management company’s
reason for the decline, except to say that you did not meet their minimum requirements.