Epic Asset Management
Residential Qualification Criteria
12 months valid, verifiable rental history
Valid meaning a written lease or month to month agreement.
If rental history is less than 12 months then a First and Increased Deposit -OR- cosigner may be requested, recommendation will be dependant on credit history, level of income and length of employment.
At least 2 accounts established for 1 year required for approval.
If derogatory credit history is in excess of $500 a First and Increased Deposit -OR- cosigner may be requested, recommendation will be dependant on level of income and length of rental history. (Medical collections will not be considered as derogatory credit history)
12 months on the job or previous employment in same kind of work
3 times the rental amount in verifiable income
Income that is 2.5 – 2.99 times the rental amount may require a First & Increased Deposit.
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.
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 stated above, with the exception that the applicant needs to meet income requirements for their portion of the rent. Proof of Section 8 assistance 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 established for 1 year, 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.
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.
Breaking lease agreement that will result in collection filing.
We do not automatically deny applicants based on criminal history. Rather, criminal history is considered based on the nature of the offense and time passed since the date of final disposition (e.g. applicant was released from prison, probation or parole). We limit consideration to those convictions, the dates of final disposition of which pre-date the report by no more than seven years. Note that convictions for the following offenses may result in denial:
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)
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.
Consider this statement as notification that we accept a comprehensive reusable tenant screening report, as defined by RCW 59.18.257, like MyScreeningReport.com