Rental Criteria
Applicant Rental
Criteria
Judson Mill Lofts
1. All
full-time occupants of the apartment that are 18 years of age or older must
successfully complete the required Identification Verification process,
complete an application and pay the $75.00 application fee (unless waived
because of current specials). An
occupant may be considered part-time only if they can show proof of residency
in another city or state and\or proof of full-time student status where
residency is established in another city or state. The occupant must not spend 15 or more
consecutive nights at the apartment in any given 30-day period.
2. Monthly rent to income ratio must
be less than or equal to 35% for standard application and administration fee
approval. Monthly rent to income ratios between 36% and 50% will result in a 2nd
tier application and administration fee approval.
Monthly rent to income ratios
that are more than 50% will require a guarantor.
A. Housing
Vouchers or Housing Assistance awards will be considered part of the
applicants total monthly income and will be weighed into the total calculation
along with other forms of verified monthly income and applied to the standards
detailed above.
3. Identity
is verified through our website AI software, using any government issued
identification card and a live selfie photo to certify applicant identity
(Note Military issued IDs are not accepted due to photocopy laws and
restrictions). Following identity verification, applications are screened and approved
based on a Tiered Screening process that is designed to estimate the relative
financial risk of leasing an apartment to the applicant(s). This process offers an objective and
consistent way of reviewing relevant applicant information and offers 2 tiers
of approval based on the financial risk determined from factors we have
chosen. Below is an explanation of the
factors:
A. The following items will individually and collectively be
factored into the scoring process:
a. Public Records for Civil Judgments for unpaid accounts
above $100.00, excluding medical and educational loans.
b. Collections for unpaid accounts above $100.00, excluding
medical and educational loans.
c. Foreclosures.
d. Collections, Charge- Offs, Late Payment history.
B. The
following items will individually be factored into the process and will result
in the application being denied.
a. Landlord\Tenant Records for judgments and evictions,
that occurred in the last 84, or less months.
b. Landlord\Tenant Records for court filings that occurred
in the last 24, or less months.
c. Bankruptcy that occurred in the last 12, or less,
months.
d. Multi-Family Collections that occurred in the last 84,
or less months.
e. Rental History indicating 3 or more late payments,
and/or 3 or more NSF payments in a 12-month period.
C. Other independent items that will be factored into the
screening process:
a. If Utility Debt is found, the applicant must pay the
debt in full and provide proof of payment to be approved.
b. A Multi-State Sex Offender Registry check will be
performed and, if found, the application(s) will be referred to the Corporate
Office for review.
c. A criminal background check will be processed and if a criminal
conviction is found the application(s) will be referred to the Corporate Office
for review.
Standard Security Deposit is $400.00
and Standard Administrative Fee is $300.00
Second Tier Security Deposit is $800.00
and Second Tier Administrative Fee is $425.00
4. a. If
an application is denied, based on our screening criteria, unless due to unpaid
multi-family
collections, court filings, evictions,
or judgements, the applicant can elect to pay a 2nd tier security
deposit and administrative fee and an amount equal to 2 times the market
rent. The 2nd tier
administrative fee and 2 months rent up front must be paid by certified funds once
being notified of the denial, and no more than 48 hours after, and the security
deposit must be paid on or before the beginning date of the lease term. Income requirements must still be met. The prepaid rent amount will be applied to
rent due at move in and future rent.
b. If our Screening results in criminal history or Multi-
State Sex Offender registry findings, and the applicant is denied
following
review from corporate staff, the denial will remain, and any paid
Administrative Fees will be refunded.
5. Occupancy standards specified below
would also include a plus +1 option for all
apartments. For consideration regarding an exception to this policy, applicants
will have the option to complete a Reasonable Accommodation form.
1 Bedroom 2 persons
2
Bedrooms 4
persons
3
Bedrooms 6
persons
Should your application be denied, or
conditionally accepted, you can learn which factors most negatively influenced
the decision by contacting the consumer reporting agency listed below.
Additionally, you can obtain a free copy of your consumer report, if you
make the request to the consumer reporting agency within 60 days of the adverse
action. Rent Grow
Ph. (800) 898-1351
Rentgrow.com
Procedure for Securing an Apartment
1. Application
must be filled out completely with all information needed for approval and it
must be dated and signed. If the
necessary information is not provided by applicant(s) when the application is
submitted the applicant must provide information requested within 48 hours of
our request.
2. The application fee (per adult
applicant, which is anyone at/over the age of 18) must be paid (unless waived
because of current specials).
3. The standard administrative fee
must be paid and if the application process results in a 2nd tier
approval, the remaining administrative fee must be paid upon notification of
the 2nd tier approval and no more than 48 hours after.
4. Applicant(s) must choose the
apartment they are applying for.
5. Applicant(s) must sign a lease
within 3 working days of the day they are notified that the approval process is
complete, and they are approved unless the scheduled move in date is within 3
days of the approval notification date.
Applicants have until the end of the 3rd day to sign the lease
agreement. If the lease agreement has
not been signed by the end of the 3rd day, the applicant will be considered a
back out and will forfeit the administrative fee. Simply stated, the applicant can back out of
the agreement within 3 days of approval or will be considered a back out if the
lease is not signed by then end of the 3rd day.
6. After the lease has been signed and
the 3-day period has expired, the lease agreement will act as a contract and
all financial obligations under the contract are binding. The beginning date of the lease term will be
the move in date and the date signed will be the actual date the lease is
signed. The keys will be distributed,
and other paperwork will be signed on the move in date.
7. We will allow lessees to sign the
lease agreement at separate times, but they do so at their own risk with the
understanding that if the additional persons listed as lessee(s) on the lease
agreement do not sign the agreement, they are not considered lessee(s) and will
not be treated as such. The keys will be
distributed, and other paperwork will be signed on the move in date.
Procedure
for a Temporary Hold
A
prospect can place a temporary hold on a specific apartment for 1 day (which
is defined as the end of the business day after the date the hold was placed,
including Saturday), if they are willing to complete a rental application and
pay the application fee and administrative fee.
We will then pencil their name in for that apartment, but we will not
run the application or deposit the checks during the hold period. If the prospects have not contacted us by the
end of the next business day the hold will be removed and the application fee
and administrative fee will be mailed back to the prospect(s) at the address
they provided on the application unless another address has been provided. Once the hold is removed, the apartment will
immediately become available to the next prospect.
Waiting List Policy
When
our current availability does not meet the needs or desires of a prospect or
their desired move in date exceeds the time allowed (based on current
occupancy), the prospect can elect to be placed on a waiting list. In order to be placed on the waiting list the
following must occur:
An
application must be completed by all persons 18 years of age or older. The application fee must be paid (unless
waived because of current specials).
If\when an apartment meeting their specifications becomes available we
will notify the applicants and will give them until the end of the next
business day to pay the administrative fee, notify us of their intent to secure
the apartment and begin the application approval process. During this time we will hold the apartment
for them, but if they have not paid the administrative fee and notified us of
their intent to secure the apartment by the end of the next business day, the
hold will be removed and we will call the next person on the waiting list and
follow the same procedure. At this point the apartment will be rented to the
prospect that begins the process of securing the apartment 1st.
Animal Policy
Restricted breeds include Rottweilers, and Bully Breeds,
including but not limited to the American Bully, American Pocket Bully,
American Pit Bull, American Staffordshire Terrier, Bull Terrier, Cane Corso,
Dogo Argentino, Shorty Bull, American Bulldog, Pacific Bulldog AND any mix of
the Rottweiler or Bully breeds.
Limit 3
animals per apartment and all animal owners must provide the following
documentation prior to lease signing:
Current vet records for each animal,
that includes the animal breed, estimated weight at full growth, and rabies
vaccination.
A picture of the animal.
Proof or Renters Insurance that allows
the properties insurance company to subrogate against the Lessee (Provided
prior to Move In).
Guarantor Rental Criteria
Judson Mill Lofts
1.
All guarantors must successfully
complete the required Identification Verification process, complete an
application and pay the $25.00 application fee.
2.
Monthly rent to income ratio for
guarantors must be less than or equal to 25%.
3.
Guarantor Identity is verified through
our website AI software, using any government issued identification card and a
live selfie photo to certify applicant identity (Note Military issued IDs are
not accepted due to photocopy laws and restrictions). Following identity
verification, applications are screened and approved based on a standardized
Screening process that is designed to estimate the relative financial risk of
leasing an apartment to the applicant(s) and their guarantor, based on the
financial risk determined from factors we have chosen. Below is an explanation of the factors:
A. The following items will individually and collectively be
factored into the scoring process:
a. Public Records for Civil Judgments for unpaid accounts
above $100.00, excluding medical and educational loans.
b. Collections for unpaid accounts above $100.00, excluding
medical and educational loans.
c. Foreclosures.
d. Collections, Charge- Offs, Late Payment history.
B. The
following items will individually be factored into the process and will result
in the application being denied.
a. Landlord\Tenant Records for judgments and evictions,
that occurred in the last 84, or less months.
b. Landlord\Tenant Records for court filings that occurred
in the last 24, or less months.
c. Bankruptcy that occurred in the last 12, or less,
months.
d. Multi-Family Collections that occurred in the last 84,
or less months.
e. Rental History indicating 3 or more late payments,
and/or 3 or more NSF payments in a 12-month period.
Should your application be denied, or
conditionally accepted, you can learn which factors most negatively influenced
the decision by contacting the consumer reporting agency listed below.
Additionally, you can obtain a free copy of your consumer report, if you
make the request to the consumer reporting agency within 60 days of the adverse
action. Rent Grow
Ph. (800) 898-1351
Rentgrow.com