Windmark Group - General Rental Requirements and Qualifications- Leasing Desk

 The rental application has been designed to allow for a thorough financial and criminal background check on all prospective residents. Each resident is required to complete one copy of the application form. An application must be submitted for each resident or occupant who is 18 years of age or older. At least one lease holding resident 18 years of age or older must reside in the apartment home. Upon acceptance of any application, the back must be filled out completely – signed and dated where necessary. The screening report is based on a pass, approved with conditions, or fail basis according to (1) rent-to-income qualifications, (2) debt-to-income qualifications, (3) overall credit score, (4) historical payment performance, (5) rental/mortgage history, (6) check writing history, (7) criminal background check or any other factors that indicate a potential threat to the residents of the community or any onsite staff member. If the screening report returns with information contrary to our standards of qualification, an Adverse Action Letter will be emailed promptly. The Adverse Action Letter will supply information for the decisions involved in the outcome of the application status, as well as how to obtain a free credit report.

1. VERIFIABLE INCOME TO RENT EARNING RATIO:

A. All lease holding applicants must have verifiable income. The combined income must be at least (2.5) times the monthly rent amount.

B. Income must be verified using the last months’ paystubs (four paychecks per weekly pay) as well as a completed Employment History Verification. If the applicant is self-employed, then the previous year’s tax return and bank statements from the last six months will be acceptable means of verification.

C. Verifiable income sources could include: Current Employer, Child Support, Grants, Pensions, Social Security, GI Benefits, Alimony, Disabilities, Trust Funds, Assets Receiving Dividends.

• Any other source of income that can be proven to be received on a regular basis may be considered.
• If the verifiable rent-to-income earnings ratio falls below our scoring guidelines, a guarantor may be used to achieve approval, if the applicant chooses to do so. The guarantor must complete a separate application and qualify under the same guidelines. The guarantor must make at least (2.5) times the monthly rent amount.

2. CREDIT: All applicants will be subject to a credit check through Equifax, Experian and/or TransUnion. The payment of an additional deposit may be required to achieve approval status for unfavorable credit history. Any additional deposit required must be paid within 48 hours in the form of a cashier’s check. Any collection balances pertaining to rental debt will be denied until debt is proved as paid in full. If an applicant has filed for bankruptcy within the past 5 years, and the discharge has not occurred, the application will be denied. If the applicant screening reveals a discharged bankruptcy within the past 5 years, the application will be denied unless secured with an additional deposit, provided all other areas achieve approval. The presence of a public record on a consumer report negatively impacts the overall score.

3. RENTAL/MORTGAGE HISTORY: Rental/Mortgage history will be based on the length of history as well as the pay record. An application with a record reflecting an eviction judgment or broken lease with money owed to a current or previous landlord are subject to denial. Any collection balances pertaining to rental debt will be denied. Foreclosures will be denied unless the other factors affecting the consumer report merit conditional approval. Any applicant with reported rental debts will be denied unless the balance owed is paid in full. The applicant will bear the burden of proof if making disputes against the credit report.

4. CRIMINAL HISTORY: A criminal background check is performed on all individuals 18 years of age and older. Applications with felony and misdemeanor offenses are subject to denial or approval based on the degree of offense and a specific length of time from the date of offense. Our ability to verify this information is limited to the information made available to us by the credit reporting services used. 
   
    
5. OCCUPANCY REQUIREMENTS ARE ENFORCED: The following occupancy guidelines are as follows for adults and children, family, or roommates:

• One Bedroom/ One Bath à No more than (3) people
• Two Bedroom/ One or Two Bath à No more than (5) people
• Three Bedroom/Two Bath à No more than (7) people

6. ADDITIONAL CONSIDERATIONS: The following additional considerations may determine the outcome of the application:

A. Unverified Information – if certain information cannot be verified through the consumer report it may result in denial.

B. Incomplete Application – if not all information is provided on the application it may result in denial after screening. All additional documents, including but not limited to proof of income, are required to be provided within 48 hours of applying, otherwise, the unit reservation is subject to cancellation.

C. Fraud Alerts – if certain accounts are flagged with fraud warnings, it may be subject to further review or ultimately denial.

D. Conduct – actions or behaviors that occur during the application process that indicates a potential threat to the residents of the community or an onsite staff member, will result in a denial.

7. HOLDING POLICY: The application fee and security deposit or deposit bond are required to reserve an apartment and hold it off the market from other perspective applicants. An Additional Deposit may be required to achieve approval based on credit, rental history, income and/or other qualifying standards. If you cancel your application, the application fee and security deposit or deposit bond may be forfeited. If your application is declined and a refund is owed, the monies owed will be returned as a mailed check within 30 days.

8. RETURNED PAYMENT POLICY: All Returned Payments not honored by the financial institution, regardless of the reason for the return, are subject to a set returned payment charge. If payment for the Deposit or Application Fee is returned, it must be replaced in full by a cashier’s check within 2 business days, or the applicant’s unit reservation will be cancelled without further notice, and the unit will become available for leasing. We do NOT accept paper money orders.

I declare that all statements in the application, whether on paper or through online processes, are true and complete. You authorize us to verify your information through any means, including, but not limited to, consumer-reporting agencies and other rental-housing owners. You acknowledge you have been given the opportunity to review all the above Rental Requirements, which include reasons your application may be denied, such as criminal history, credit history, current income, and rental history. You understand that if you fail to answer any question or give false information, your application will be denied and any application fees and holding deposits will be forfeited for our time and expense, and you terminate your right of occupancy. Images on our website may represent a sample of a unit and may not reflect specific details of any unit. For information not found on our website regarding availability, unit characteristics or other questions, please call or visit our office.

I HAVE READ THE ABOVE AND UNDERSTAND THE CRITERIA FROM WHICH MY APPLICATION WILL BE PROCESSED.

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