The Denning Apartments
Residential Qualification Standards
May 16, 2014
12 months valid, verifiable rental history
Valid rental history is a written lease or month to month agreement.
If rental history is less than 12 months then a First & an additional deposit equal to one month’s rent -OR- cosigner may be requested. 2 or 3 late payments, NSF checks and/or noise complaints within 12 months may result in an additional deposit equal to one month’s rent. Final recommendation will be dependent on credit history, level of income and length of employment.
At least 4 accounts established for 1 year in good standing
If derogatory credit history is in excess of $100 but less than $10,000 or if a discharged bankruptcy is reporting then a First & an additional deposit equal to one month’s rent -OR- cosigner may be requested. Final recommendation will be dependent on level of income and length of rental history.
12 months on the job or previous employment in same field of work
Students: Proof of current college or university enrollment or current student visa will be required for valid verification as employment.
2.5 times the rental amount in verifiable income
If income is less than 2.5 times but more than 2 times the rental amount then a First & an additional deposit equal to one month’s rent may be requested. If income is less than 2 times the rental amount a cosigner may be requested. Final recommendation will be dependent on level of income, length of rental history and credit history.
Acceptable documentation for verifiable income varies based on the income source. Generally accepted documentation may include 2 consecutive (recent) paystubs, most recent tax returns, W2, Leave & Earnings Statement (LES), Statement of Social Security Benefits, I20 (International Students), etc.
SECTION 8 APPLICANT CRITERIA:
All Section 8 applicants are required to meet the same criteria as outlined, with the exception that the applicant only needs to meet income requirements for their portion of the rent.
COSIGNER RENTAL CRITERIA:
A cosigner will be APPROVED if all the qualification below are met, if the cosigner does not meet any 1 of the following criteria then the cosigner will not qualify.
RENTAL: 1 year of valid and verifiable rental or mortgage history with no late payments
CREDIT: At least 4 accounts in good standing with less than $100 in derogatory accounts
Open or Discharged bankruptcy will result in denial.
EMPLOYMENT: 12 months on the job or previous employment in the same kind of work
INCOME: 4 times the rental amount of the unit in verifiable, garnishable income
GROUNDS FOR DENIAL WILL RESULT FROM THE FOLLOWING ON ALL APPLICANTS:
- Unpaid eviction appearing on the credit report or confirmed with landlord.
- Unpaid rental collection verified on credit report.
- Balance owing to landlord.
- Foreclosed Mortgage
- 4 or more late payments and/or NSF checks and/or noise complaints within a 12 month rental period (current and/or previous).
- Derogatory credit history in excess of $10,000.
- Open (non-discharged) bankruptcy.
- Unverifiable social security number.
- Falsification of rental application.
- Breaking lease agreement that may result in collection filing.
Verified name and date of birth match of criminal conviction as follows:
Murder (1st and 2nd degree) Kidnapping (All counts)
Manslaughter (1st degree) Theft (1st & 2nd degree)
Assault 1st, 2nd & 3rd degree) Burglary (1st, 2nd degree & vehicle prowling 1st degree)
Robbery (1st & 2nd degree) Malicious Mischief (1st degree)
Rape (All counts) Arson (1st, 2nd degree & Reckless Burning 1st degree)
Child molestation (All counts) Delivery or Sale of illegal substance(s) (All counts)
Rape of a child (All counts) Possession with intent to Deliver illegal substance(s) (All counts)
Outstanding criminal warrant Any Terror Related Activity
Any criminal conviction which results in a registered sex offender requirement and/or any sex offender registry requirement.
A criminal records search will be performed for felony and misdemeanor offenses. All felony and misdemeanor offenses must be disclosed on the rental application.
Valid Government or State Photo Identification will be required of all applicants.