Tenant Selection Criteria
Income: Your gross monthly income must be equal to
three times the rent. It must be
documented (check stub, tax return, etc.)
In addition, your rent plus
your other monthly debt payments may not exceed 45% of your
monthly gross income. Finally, your
residual income (gross income minus new rent payment
minus monthly debt payments) must be equal to $750 plus $250
for each family member (e.g. one person families--$1,000; two-person
families--$1,250; three
person families--$1,500, etc.)
Landlord reference: We require a reference for at least the
previous twelve months from a landlord that verifies that you do not have
excessive late payment
history with them and that you did not write NSF
checks.We would also like verification
that no significant damage was done to the property. If you are
currently under lease with another landlord and will be
breaking that lease (or if you have not given your required notice to vacate to
your previous landlord) to
rent our property, your application will be denied.
We will consider your application even if you have a recent
foreclosure. You must document the cause and show that is it not likely to
reoccur (for example, a
recent divorce, adjustable rate mortgage with huge payment
increase, taking a job with lower income. etc.) If you do not have a recent
mortgage or landlord
reference (for example, you have been living with a
relative), we will consider your application. However, you must have either
strong credit, a co-signor, or a
double deposit.
Credit: We will
pull a credit report. We will work with
credit problems and/or no-credit situations.
We may ask you to explain the circumstances regarding
negative items on your report. However, we place significantly more emphasis
on your landlord reference and job stability than your credit report. If every
item on your credit report is negative, we will deny your
application. We do NOT count medical
collections against you.
Employment: We
require proof of two years of employment. Applicants who have experienced periods of
unemployment that exceed 30 days in the last two
years will be scrutinized more closely.
Number of occupants: No more than two occupants allowed per
bedroom; no more than one vehicle per bedroom will be allowed.
Criminal Background: You will be turned down if you have been
convicted of a felony, have a drug conviction OF ANY KIND in the previous two
years or
if you are a registered sex offender. Applications will also be turned down if any
occupant has been convicted of a crime that created a threat to a property or
the manufacture or distribution of a controlled substance.
If we determine that any information on the application is
false, the application will be denied.
We may require a co-signor or a larger deposit if you:
1. Have an old balance owed to a landlord, but a more recent
favorable landlord reference;
2. Have a job-gap but can provide a good explanation (e.g.
Divorce, Family illness, etc.)
3. Do NOT have a landlord reference
4. Do not make enough income to qualify for the property
A co-signor will have excellent credit (FICO credit score of
680 or above); excellent job stability and have the capacity to make the rental
payments in the
event applicant does not make the lease payments.
J & N Realty | (214) 578-1407
