For the Property Rentals
A fully signed complete lease application must be submitted before processing can begin.
Income guidelines to be as followed are:
- If Rent including all utilities
Max rent not > 50% of Gross Monthly Income rent with utilities
- If Rent does not include utilities
Max Rent not > 36% of GMI rent w/o utilities
Including long term debts:
Debit Ratio not > 70/ not >60 respectively of GMI
No more than 2 incomes to qualify
Income Requirements: Income requirement for self-employed: 1099 employees will be considered using net income adding in depreciation
Part time employment will be considered after 2 years continuous time.
Co-signers may be considered on case by case basis
No out of State Co-Signers will be considered
Rental Occupancy:
The Maximum number of persons who will be allowed to occupy a dwelling is usually calculated one of two ways; by the Federal Guidelines of 2 persons to a room plus 1, which is referred to as the Keating Memorandum or by the BOCA Standard. “Every dwelling unit must contain a minimum gross floor area not less than 150 Square feet for the first occupant and 100 Square feet for each additional occupant. Every room occupied for sleeping purposes by one occupant shall contain at least 70 feet of floor area, and every room occupied for sleeping purposes by more than one person shall contain at least 50 square feet of floor area for each occupant.”
“In determining floor areas of rooms occupied for sleeping purposes, the term “floor area” shall not include floor area of halls or walkways, bathrooms, stairs, kitchens, laundry areas, closet or other storage areas, but may include dining room areas where consistent with other provisions of BOCA Code.”
Children age 5 or under may share a bedroom without regard to
minimum square footage requirements.
Reasonable accommodation will be made in the case of care givers for ill occupants or new-born children. All such accommodations will be at the Owners discretion.
Pets: No Rottweiler, Pit Bulls, Doberman Pinchers, Akita, Chows or Mixed Breeds of Dogs above w/o specific owner’s approval are allowed to visit or reside in premises.
Security Deposit:
Minimum of 1Month’s security deposit is required with the possibility of 2 months if credit dictates
No payment plans to pay security deposits
Other qualifying guidelines: No sexual offenders convicted prior to application or applicants convicted of moral turpitude may rent. No convicted drug use or felony person may occupy as tenants guest of occupant.
Good Credit will be defined as:
no more than 3 Judgments No greater than $5000 in judgments or not > 10% of AGI
Credited scores cannot be less than 550 as measured by any of the three major credit reporting bureaus, Equifax, Trans Union, and Experian.
Number of Recognized Service animals considered reasonable accommodation will be 1 and must meet any HOA requirements for size if applicable and reasonable
All multiple applications with more than 1 income to qualify will be based upon financial stability, job stability, credit scores with a maximum of 2 persons used to qualify for income purposes When possible owners will be given final authority to decide upon tenant approval. In the absence of ability to contact owners, management will make informed decision.
Agents will verify all VOR, VOE, credited items upon the running of credit reports.