TIME RESIDENTIAL PROPERTY MANAGEMENT

RENTAL POLICY

 

Welcome to our community. We require the following for approval to reside at one of our

managed properties.

 

Income:

Applicant or Applicants and Spouse combined must be (3) times the monthly rental amount.

Income amounts must be verified in writing, applicant may provide (3) recent pay stubs.

If applicant is self employed, then the most recent tax returns or statements from a CPA must be

provided, if military, please submit your LES and copy of orders.

 

Supplemental Income:

All supplemental income must be verified in writing. All verifiable bank accounts and investment

accounts are assumed to earn 1% per month. Co-signers income cannot exceed 25% of monthly

income.

 

Rental History:

Applicant must have (24) or more months verifiable rental/mortgage history during the past three (3) years with a maximum of two (2) late pays with no NSF during the past twelve (12) months.

Applicant must have no lease violations requiring legal notice.

Applicant must have not received a “NO” answer to question “Would you re-rent to applicant?”

If Applicant has rented from a private landlord the past twelve (12) months, then applicant must provide most recent canceled checks or money order receipts of rental payments made to a private landlord.

 

Credit History:

Applicant must have a satisfactory credit rating obtained from a major credit bureau with a Beacon score of 600 or better. Beacon scores from 500-575 will require a double security deposit. Beacon scores from 576-599 will require a 1 1/2 security deposit. Beacon scores under 500 will require a co-signer. In addition to the above criteria, applicant must meet below criteria or applicant will be denied.

 

Criminal History:

Applicant must have not have a felony record that was adjudicated guilty or had adjudication withheld for the past 7 years, or any conviction of any length of time for any drug related, sexual related, murder related, arson related crime or any violent crimes against person or property. No misdemeanors within the last 3 years.

 

Eviction / Broken Lease:

Applicant must not have been evicted or moved out without notice from any residence the past 5 years.

 

 

 

________________________________________     _____________________

Applicant (s)  Signature                                              Date

 

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** Print this form, sign and fax to Time Residential Property Management at (757) 467-6892.