Income
In the event that you elect to make application, the software will look for Applicants to have a minimum combined gross income of 3.0 times the monthly rent.
Credit Report
A credit report will be completed on all Applicants to verify credit ratings. Income plus verification of credit history will be entered into a credit scoring model to determine rental eligibility and security deposit levels. Unfavorable accounts which will negatively influence this score include, but are not limited to: collections, charge-off, repossession, and current delinquency. Debt to a previous landlord, and open bankruptcies will result in an automatic denial of the application.
Criminal History
A criminal background check will be conducted for each Applicant and Occupant 18 years of age or older. The application will be denied for any felony conviction up to six (6) years prior to the application date, or any felony conviction for sex- and terrorism related offenses, regardless of time. All criminal records are evaluated from the date of disposition, regardless of the Applicant’s or Occupant’s age at the time such offense was committed. Please remember that this requirement does not constitute a guarantee or representation that Residents or Occupants currently residing in our homes have not been convicted of or subject to deferred adjudication for a felony or sex offense requiring registration under applicable law; there may be Residents or Occupants that have resided in one of our homes prior to this requirement going into effect; additionally, our ability to verify this information is limited to the information made available to us by the resident background and credit reporting services used.
Occupancy Guidelines
The occupancy standard per home is two (2) persons per bedroom, plus one (1). Residents who exceed these occupancy standards during the lease term will be required, upon the end of the current lease term, to either: i. Transfer into another available home with more bedrooms; or ii. Move out.
Age and Application
All individuals 18 years of age or older residing in the home are required to complete an application, undergo the screening process, and provide the necessary documentation and application fee. Dependents 18 years of age or older must still undergo a criminal background check and provide the necessary documentation and application fee. The Application fee is non-refundable.
Rental History
Some credit scoring results will necessitate an evaluation of verifiable rental or mortgage payment history. When applications also depend on the results of a rental history investigation for an approval/denial determination, applications for residency will automatically be denied for current outstanding debt or eviction.
Guarantors
Guarantors will be accepted for Applicants who do not meet the required rent-to- income ratio or denied on credit. Only one (1) guarantor per home is permissible. The Guarantor must complete an application and pay the application fee. Guarantors must have a gross monthly income of four (4) times the monthly market rent and meet all other qualifying criteria identified in this screening policy. The Guarantor will be required to sign the lease as a Leaseholder. Guarantors may be relatives or an employer; friends may not serve as a Guarantor.
Renter’s Insurance Requirement
Residents are required to obtain and maintain renter’s insurance policy covering loss or damage of personal property. A minimum of $100,000 of Personal Liability Insurance coverage is required with Landlord identified as a “Party of Interest” or “Interested Party”(or similar language as may be available) on the renter’s liability insurance policy.
Animals
No more than two (2) animals are allowed per home. Pet fees and/or deposits will be charged for dogs and cats. Dog Bite Insurance is required for dogs.
• Dogs: The list of dog breeds that are restricted includes: American Staffordshire Terriers, American Pit Bull Terriers, Rottweilers, any Dog that has a percentage or mix of any of the above breeds. Also, any canines other dogs and hybrids thereof.
• Cats: All breeds of domestic cats are permitted.
• Small animals: such as gerbils, hamsters, and guinea pigs are permitted, with the exception of the following: Ferrets, Rabbits, and Chinchillas.
• Farm animals: are restricted.
• Venomous animals: of any type are restricted.
• Fish tanks: are restricted.
• Other: The list of other restricted animals includes but is not limited to: Skunks, Raccoons, Squirrels, and Monkeys.
Smoking:
We do not allow smoking inside any of our homes.
Pool Fee:
If applicable, Landlord charges a monthly pool service fee which amount may vary state by state.
Acceptable Documentation:
Please have at least one of the following forms of acceptable income documentation before you apply to expedite the application process. We cannot accept copies that are illegible.
• Hourly/Commission: One most recent paystub OR One current month of full bank statements. (No joint bank accounts may be used unless all joint owners apply as leaseholders. No prepaid or PayPal accounts will be accepted. Tax Refunds will not be accepted as monthly income.)
• Salaried Applicants: One most recent paystub OR One current month of full bank statements. (No joint bank accounts may be used unless all joint owners apply as leaseholders. No prepaid or PayPal accounts will be accepted. Tax Refunds will not be accepted as monthly income.)
• Relocation: Offer letter or income verification from the Applicant’s Employer: must be current or for a job starting within 30 days of move-in, on company letterhead (or notarized) and signed by the appropriate Human Resources or Company officer, with his/her contact information.
• Self Employed: Financial statement: One month (or prior year-end statement if prior to April 15) must be submitted. Note: Statement must be prepared by a Certified Professional Accountant, tax accountant, or other certified banking representative. OR Bank Statement: One most recent month of personal or corporate bank statements are required to calculate the gross monthly deposit per household. Note: If necessary, additional months may be requested. Transfers will not be included in the calculations. No joint bank accounts may be used unless all joint owners apply as leaseholders. No prepaid or PayPal accounts will be accepted.
• Social Security disbursement letters: A disbursement letter from the current year showing monthly amount or statement.
• Child support: A court order or a notarized letter from an attorney: additional document as necessary.
• Savings Account: (detail of all transactions) a minimum average ending balance of three (3) times the monthly rent for the term of the lease is required. For example, if the monthly rent is $1000 with a 12-month lease term, the average ending balance must be a minimum of $36,000.Note: No joint bank accounts may be used unless all joint owners apply as leaseholders. No prepaid or PayPal accounts will be accepted.
• Tax Return, W-2, or 1099: Must be combined with your most current bank statement showing current employment. Note: A return from the previous year will not be accepted after April 15 unless proof of a tax filing extension is submitted with the previous year’s tax return. A W-2 or 1099 from the previous year shall not be accepted after January 31.