McCathren Management & Real Estate
TENANT APPROVAL POLICY AND PROCESS
You have chosen to apply for a property/unit that utilizes Moco, Incorporated (PO BOX 2826, Seattle, WA 98111, 800.814.8213, firstname.lastname@example.org) to perform a background screening report regarding the information contained within your rental application. The report may contain information regarding your credit-worthiness, character, general reputation, personal characteristics and mode of living.
All applicants (regardless of marital status) over the age of 18 must complete a separate application. A non-refundable processing fee (per person) must be paid prior to the application being processed.
Valid (non-expired) photo identification will be required of every applicant.
PETS: No pets are allowed without prior written approval of management. If allowed, a Pet Fee Agreement must be completed and a non-refundable pet fee paid. This fee is charged solely for the privilege of allowing an animal on the complex and is not applicable toward damage incurred by said animal. (Service animals for the disabled are not considered “Pets” and are allowed without a fee.)
6 months valid, verifiable rental history. Valid rental history is a written lease or month-to-month agreement. If rental history is less than 6 months then an increased deposit -OR- cosigner may be requested. Final recommendation will also be dependant on credit history, income and employment.
A minimum credit score (Experian Scorex Plus) of 650 required for approval. A credit score that is less than 650 will result in denial. Lack of established credit score may result in an increased deposit –OR- cosigner. If one applicant has a credit score of 650, but additional applicant’s credit score is less than 650 with favorable rental history verified then an increased deposit –OR- cosigner may be requested.
6 months with current employer or previous employment in same field of work. If employment is less than 6 months then an increased deposit or cosigner may be requested. Employment requirement will be waived for retired individuals. Final recommendation will also be dependant on rental & credit history and income
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. Income that is less than 2.5 times the rental amount may require a qualified 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.
GROUNDS FOR DENIAL MAY 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.
2 or more late payments and/or NSF checks and/or lease violations within a 6 month rental period (current and/or previous).
Unverifiable social security number.
Falsification of rental application.
Breaking lease agreement that will result in collection filing.
Open or non-discharged bankruptcy.
Derogatory credit history after a discharged bankruptcy.
If one or any co-applicants are denied, all applicants that have applied for the rental unit will be denied.
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 (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.
COSIGNER QUALIFICATION CRITERIA:
Cosigner(s) are an option to be determined by the property manager. This is not a right of the applicant. 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 HISTORY: 1 year of valid and verifiable rental or mortgage history with no late payments.
CREDIT HISTORY: At least 4 accounts in good standing for 1 year with less than $100 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, retirement
INCOME: 4 times the rental amount of the unit in verifiable, garnishable income