Application Process & Resident Selection Criteria

The following information is designed to give you information about the application process and our resident selection criteria.

Application Processing And Time Frame:

Cost:

If you decide to apply to rent one of our properties, there is a non-refundable application fee of $50 per adult that must be submitted with your application. Incomplete applications will not be processed.

The Application Process:

Upon receipt of your rental application and application fee, we will:

  1. Check your credit report; and
  2. Check the public records for any past interactions with the eviction process; and
  3. Verify your employment; and
  4. Verify your previous landlord references; and
  5. Do a criminal background check.

Resident Selection Criteria:

Security Deposit Determination

Clients with very good credit, income and rental history references will achieve the lowest security deposit determination “score,” and will be approved at a security deposit amount equal to one month’s rent.

Those with credit, income or rental history issues will achieve a higher security deposit determination score and could still be approved with a higher security deposit.

For co-applicants, the security deposit is determined by averaging the applicants’ credit/income/reference score.

Credit Score Based Risk Mitigation Admin Fee

All lease transactions involve risk. Offering an approval based upon total credit score below a 700 comes with more inherent risk. We can offer approval even to tenants with very low credit as long as they can pay the additional fee associated with their credit scores to offset the risk involved. If there are co-applicants, the Risk Mitigation Admin Fee is an average of the applicants’. There is only one Risk Mitigation fee per Lease.

Risk Mitigation Admin Fees for Applicants/Co-Applicants:

Average Credit Score (all Adults)….Fee Due at Lease Signing
750 — 850...............................................$ 0
700 — 749...............................................$100
620 – 699...............................................$200
600 – 619...............................................$300
550 – 599...............................................$400
500 – 549...............................................$500
300 – 499...............................................Declined


Denied Lease Approvals: any credit score under 500, (330-499) are declined due to bad credit.


Dealing with Multiple Applicants: A risk mitigation fee will be assessed based on the AVERAGE FICO score of all adults.
No FICO Score: Applicants who do not have a FICO score may be assigned a score of 500 for the purposes of determining their risk mitigation fee.