APPLYING
- All applicants are required to pay the same application fee, as currently established by the Management.
- All applicants are subject to the same credit and background checks. This includes but is not limited to the following checks for persons over 18 years of age: Credit history, credit score, employment verification, residential verification, eviction report. This includes but is not limited to the following checks for persons over 16 years of age: Criminal background. The Management reserves the right to omit or add selected checks at Management’s discretion, based on applicant information.
- All persons 18 years of age or older, to be residing in property for more than 14 days, must fill out an application and sign the Lease.
- All applicants shall provide an income statement, including monthly income and fixed monthly expenses. Income may include salary, regular paycheck, second job income, alimony or child support received, social security or other benefits, and other legitimate income sources. Fixed monthly expenses include car payments, alimony or child support payments, credit card payments, and any other debt service.
APPROVAL
No applicant will be approved for a Lease without passing the following minimum requirements:
- Stable, continuous employment history for at least 3 years. No more than 2 jobs in past 3 years or 3 jobs in the past 6 years.
- Credit score must be no lower than 600.
- Debt-to-income ratio must be no higher than 45%, and rent-to-income ratio must be no higher than 35%. If take-home pay is provided for any item rather than gross income, then the corresponding gross income shall be assumed to equal 111% of take-home pay if self employed, or 125% if W2 employed. Child support income is not included in these calculations.
- A clear criminal record for ten (10) years. Management reserves the right to lengthen or shorten the clear period based on other applicant information.
- No unpaid collection items on credit report listed within past three (3) years. No unpaid non-medical collection items in excess of $1000 per item in past seven (7) years. Less than $1000 total in unpaid collection items on report.
In addition, at least one applicant per household must be approved. If no applicant is approved, then an approved guarantor (co-signer) will suffice, and such guarantor must sign the Lease.
Debt-to-income ratio and rent-to-income ratio may be calculated from the combination of multiple applicants, all of whom must otherwise be approved.