The Lighthouse at Willowbrook - Weebly



Rental Criteria

OCCUPANCY STANDARD: TWO PERSON MAXIMUM OCCUPANCY PER BEDROOM. (EXCEPTION: CHILD LESS THAN 6 MONTHS OF AGE).

AGE REQUIREMENTS: Lease Holder(s) must be 18 years or older (unless head of household). All occupants 18 years or older will be required to complete an application (even if living w/ parent or guardian).

INCOME REQUIREMENTS: The gross monthly income of all Lease Holder(s) will be considered jointly, and must equal 3 times the rental amount on the apartment. All income must be verifiable. Co-signers need to qualify at 6 times the market rent.

EMPLOYMENT VERIFICATION: Lease Holder(s) must be currently employed, or provide written evidence of regular income sufficient to 3 times the rental amount on the apartment, for the lease term. Lease holder must provide a current paycheck stub or income tax return to verify employment.

SELF EMPLOYMENT: Must provide the previous year’s personal income tax and two months personal bank statements as evidence if sufficient income. Persons who hold jobs that are commission only, base salary plus commissions, tips, or bonuses will be considered self-employed.

RESIDENCY: Previous rental history will be reviewed and must exhibit no derogatory references. Any debt owed to an apartment community must be paid before an application can be approved.

SECOND CHANCE PROGRAM for Bankruptcy or Foreclosure: Bankruptcy must be at least 6 months old. Must have positive credit established after bankruptcy. Six (6) months of current employment is required, if a new position, you will be required to show Official Offer Letter signed by Human Resource or equivalent. FORCLOSURE will require positive rental verification prior to Home Purchase; 50% positive Credit; current employment for 6 months or Official Offer Letter signed by Human Resources or Equivalent. Both SECOND CHANCE PROGRAMS WILL REQUIRE AN UPFRONT SECURITY DEPOSIT EQUAL TO 1 MONTH MARKET RENT PAID IN CERTIFIED FUNDS. THE RESIDENTAL ACCOUNT MUST BE PAID IN THE SAME FUNDS. NO PERSONAL CHECKS WILL BE ACCEPTED ON THE ACCOUNT.

CREDIT REQUIREMENTS: Your application will be evaluated against a Credit Adjusted Rent to Income (CARI). CARI is a rent to income rule that rewards applicants with better than average credit while requiring more income of applicants with poorer credit history. The neutral credit score for this community is set at 590 with income parameters of 3 times the monthly rent amount adjusted on scale to the Credit Score. Any negative history, unpaid collection account(s) will require additional deposits and/or additional rents in advance. Any eviction or illegal action will automatically reject applicant or may reject application. Failure to have established credit will not alone disqualify an applicant. Check writing history will be evaluated, negative history will require payment of rents and deposits by certified funds for the term of the lease agreement or may reject applicant. The credit history will be reviewed and no more than 75% of the total accounts reported can be over 90 days past due or charged to collection in the past 12 months. A co-signer cannot be used in lieu of negative credit scores.

APPLICATION FEE: A $50.00 non-refundable application fee is required per application.

CRIMINAL HISTORY: No applicant (resident or occupant) may have been indicted, arraigned, convicted involving violence, firearms, illegal drugs, theft, crimes involving theft, or destruction of property, or any crime involving a minor. This will include person(s) who have received deferred adjudication and/or have not yet satisfied the probationary period of a deferred adjudication for any of the above mentioned offenses.

RENTERS INSURANCE: Insurance coverage with a minimum $50,000 resident liability or property damage limit is a requirement for all new resident and lease renewals in this community.  You must provide proof of renters insurance (Company, and Policy Number) upon move-in.

ADDENDUM TO THE APPLICATION:

I UNDERSTAND AND ACCEPT THESE QUALIFYING STANDARDS, AND HAVE TRUTHFULLY ANSWERED ALL QUESTIONS. FURTHERMORE, I UNDERSTAND THAT FALSIFICATION OF RENTAL APPLICATION INFORMATION WILL LEAD TO DENIAL OF RENTAL. ALLIANCE COMMUNITIES RENTAL CRITERIA ARE GUIDELINES, WHICH ENABLE US TO ACCEPT PROSPECTIVE RESIDENTS THOSE INDIVIDUALS WHO ARE CREDIT WORTHY AND DO NOT HAVE CRIMINAL BACKGROUND. THIS RENTAL CRITERIA DOES NOT INDURE THAT ALL INDIVIDUALS RESIDING ON OR VISITING THE COMMUNITY CONFORM TO THESE GUIDELINES.

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Applicant Date Applicant Date

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Applicant Date Owner’s Representative Date

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Updated April 3, 2009

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