Olympic Park Apartments
Residential Qualification Criteria
Applications are processed on a first come first serve basis. If a holding fee has not been paid, the applicant in question will run the risk of losing the property, if another applicant places a holding fee on the unit and is approved to rent. It is our policy to rent to the first qualified applicant(s) who sumbits a completed rental application and a holding fee.
Prior to applying, please be sure to contact us to check availability, if you have not already done so
no minimum requirement. However,
If rental history is obtained then 3 late payments and or NSF checks within 12 months may result in an increased deposit or cosigner. Final recommendation will also be dependant on credit history, income and employment.
At least 2 accounts established for 1 year in good standing
If derogatory credit history (excluding medical debt) is in excess of $5000 an increased deposit -OR- cosigner may be requested. A discharged bankruptcy within the last 3 years may require and increased deposit or cosigner. Final recommendation will also be dependant on income, rental & employment history.
no minimum requirement.
Monthly verifiable income must be equal to at least 3 times the rental amount
If income is less than 3 times the rental amount but more than 2.5 then an increased deposit may be requested. Montly income that is less than 2.5 times the rental amount may require a cosigner. Final recommendation will also be dependant on rental, credit & employment 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 only needs to meet income requirements for their portion of the rent. Recommendations will be made following the above set standards.
COSIGNER QUALIFICATION CRITERIA:
A cosigner will be APPROVED if all the qualification below is 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 for 1 year with less than $500 in derogatory credit
Any bankruptcy (open and/or discharged) will result in denial.
EMPLOYMENT: 12 months with current employer or previous employment in same field 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 unpaid eviction showing on credit report or confirmed with landlord.
- Unpaid rental collection verified on credit report.
- Balance owing to landlord.
- 4 or more late payments and/or NSF checks and/or 2 or more noise complaints within a 12 month rental period (current and/or previous).
- Unverifiable social security number.
- Open or non-discharged bankruptcy.
- Falsification of rental application.
- Breaking lease agreement that will result in collection filing.
Verified name and date of birth match of criminal conviction and/or pending offense 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 (All counts)
Outstanding criminal warrant Any Terror Related Activity
Any criminal conviction which results in a registered sex offender requirement and/or any current 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 Photo Identification will be required of all applicants.