General Criteria for Tenancy

These are general criteria only.  For specific criteria on a home you are interested in, please contact the phone number listed for that home.

LANDLORD PROTECTION SERVICE
CRITERIA FOR TENANCY

GENERAL REQUIREMENTS

  1. Positive I.D. with a picture is required.
  2. Each applicant must qualify individually unless they are a married couple.
  3. A valid Social Security number is required.

RENTAL REQUIREMENTS

  1. A minimum of 12 months of verifiable residence history from a third party landlord required.
  2. Rental history demonstrating residency, but not by a third party, will require an additional security deposit equal to one months rent, or co-signer.
  3. Four (4) or more late payments of rent or mortgage within a 12-month period will result in denial.
  4. More than Two (2) and less than four (4) late payments or NSF checks within a 12 month period will result in added security deposit.
  5. Rental history reflecting any unpaid past due rent greater than $100 will result in denial.
  6. Any unlawful detainer action or eviction over three (3) years old, which has been paid, can be approved with added security equal to one month’s rent.
  7. Rental history showing $50 - $500 damage will require an additional security deposit equal to one month’s rent when paid in full.
  8. Rental history reflecting more than $500 damage will result in denial.
  9. Rental history with complaints (disturbance or other) will be denied if the previous manager would not re-rent or if there are more than 3 complaints.
  10. Added security is needed for any instance of unauthorized persons or pets in a unit rented by the applicant.
  11. First time renters with no established credit will require a co-signer.
  12. First time renters with established credit will require a co-signer or added security equal to one month’s rent.

INCOME REQUIREMENTS

  1. Monthly income equal to three (3) times the monthly rent.
  2. If monthly income does not meet three (3) times stated monthly rent, an additional deposit equal to one month’s rent or qualified roommate will be required.
  3. If a co-signer is required, their monthly income should equal five (5) times the stated monthly rent
  4. A current paycheck stub will be required if we are unable to verify income over the phone.
  5. Some form of verifiable income will be required for unemployed applicants.
  6. Self-employed applicants will require proof of income by two tax returns or bank statements.

EMPLOYMENT REQUIREMENTS

  1. Verifiable employment is required. If unemployed and unable to verify income as able to pay rent, will be denied.
  2. Self-employed individuals must verified through the state or tax returns or bank statements.
  3. Added security is needed for temporary or seasonal employees.
  4. Military income may require an allotment.

CREDIT REQUIREMENTS

  1. Good credit required.
  2. Four (4) or more accounts that are 30 or more days past due OR if fifty percent or more of the credit report is negative will result in a denial.
  3. Five (5) or more unpaid public records will result in denial. (With some exception for medical collections and tickets)
  4. Outstanding debt to property management or landlord will result in denial; applicant may be reconsidered once the debt is paid. Any judgment, paid or not, for a landlord within the past 3 years will be automatic denial.
  5. Any applicant with a bankruptcy not showing as discharged is denied until shown otherwise.
  6. After a discharged bankruptcy, applicant must show six (6) months of positive established credit. Any negative credit after a bankruptcy will result in a denial.

 CRIMINAL REQUIREMENTS

  1. Any criminal felony offense which has taken place within the last ten (10) years is a consideration for denial based on the following:
  2. If there is a criminal conviction and the applicant has been out of jail/prison less than five (5) years they will be denied.
  3. If the criminal offense was of a physical or violent nature against either person or property, the applicant will be denied.
  4. If the criminal offense took place more than ten (10) years ago, or if the person has been out of jail/prison more than five (5) years and has perfect credit and rental history, they may be approved.  (They may only be approved if this was a one time offense and was not of a physical or violent nature.  Multiple offenders will be denied no matter what the credit and rental history shows.)

CO-SIGNER REQUIREMENT

  1. Co-signers must have good credit and earn at least five (5) times the rent.

  AUTOMATIC DENIALS

  1. Any collection filed by a property management company over $100, within the past 3 years will result in denial. After 3 years and once the collection is paid, will result in one month’s additional security.
  2. Any unlawful detainer action or eviction, which has been within the last three (3) years results in denial.
  3. Any current 3 day notice will result in denial
  4. False information will result in a denial.
  5. An open bankruptcy will result in a denial.
  6. Any criminal activity, including selling or possession with intent to sell drugs will result in an automatic denial.
  7. Any criminal activity of the physical or violent nature is an automatic denial.
  8. An employment reference, in which the employer indicates that the employment will end and the income level will drop below 3 times the rent.
  9. False information or a gross distortion of the truth on the written application will result in an automatic denial.
  10. Any undisclosed previous rental address.
  11. An incomplete application.
  12. Lack of response from applicant for additional information after the 2nd business day.


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