Rental Qualification Standards
6 months valid, verifiable rental history
Valid rental history is defined as a written lease or month to month agreement.
If rental history is less than 6 months then an increased deposit = to 1 months rent -OR- cosigner may be requested. Final recommendation will be dependant on credit history, level of income and length of employment.
At least 2 accounts established for 1 year in good standing
If derogatory or no credit history (excluding medical collections) is in excess of $500 an increased deposit = to 1 months rent -OR- cosigner may be requested. Discharged bankruptcy within the last two (2) years will result in an increased deposit. Discharged bankruptcy (with no derogatory credit since the discharge) that is older than two (2) years may qualify for an approval. However,
Final recommendation will be dependant on level of income and length of rental history.
12 months on the job or previous employment in same field of work.
Employment requirements will be waived for full time students. Proof of status will be required.
3 times the rental amount
If income is less than 3 times the rental amount but more than 2.5 then an increased deposit = to 1 months rent may be requested. Income that is less than 2.5 times the rental amount may require a qualified cosigner. Final recommendation will be dependent on level of income, length of rental history and credit history.Students may provide current college or university student loan documentation along with bank statements to verify applicable income.
SECTION 8 APPLICANT CRITERIA:
All Section 8 applicants are required to meet the same criteria as stated above, with the exception that the applicant only needs to meet income requirements for their portion of the rent.
INTERNATIONAL STUDENTS AND APPLICANTS THAT ARE NEW TO THE COUNTRY:
International students may be required to pay an Increased Deposit in lieu of a Cosigner. Proof of current college or university enrollment or current student visa will be required for valid verification. Applicants that are new to the country will be required to pay a First and Increased Deposit. Proof of income source or new job will be required.
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 HISTORY: 1 year of valid and verifiable rental or mortgage history with no late payments
CREDIT HISTORY: At least 4 accounts in good standing with less than $100 in derogatory accounts
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:
Verified eviction showing on credit report or confirmed with landlord.
Rental collection verified on credit report
Balance owing to landlord that will result in collection filing.
Extreme negative and adverse rental history, e.g…documented complaints and/or damages, multiple late payments or 72 hour notices to pay or vacate with statement by landlord of “WOULD NOT RE-RENT”
Unverifiable social security number
Falsification of rental application
Open (non discharged) bankruptcy
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)
Rape of a child (All counts) Possession with intent to Deliver (All counts)
Child molestation (All counts) Delivery or Sale (All counts)
A criminal records search will be performed for felony and misdemeanor offenses. All felony and misdemeanor offenses must be disclosed on the rental application.