RENTAL Qualifications

Each occupant of any property shall be named on the lease. All occupants over the age of 18 must submit an application and meet all criteria specified for the primary applicant. 

Credit:

Your rental application may be declined due to the negative public record and/or multiple collections that have not been satisfied within 24 months. Negative credit history is described as including, but not limited to, any of the following items:

• Any evictions, either for monetary or non-monetary reasons from any residential real estate
• An involuntary repossession of material or personal property
• Any pending lawsuits
• Any bankruptcy not discharged
• Must be older than 1 year
• Landlord reference required
• Any checks that have been returned and are under collection for non-payment
• Any demonstrated history of late or delinquent payments or outstanding balance
• Any landlord or property management company with an outstanding balance
• Utility records: no unpaid utilities

The absence of a credit file shall not adversely affect any applicant; however, the applicant may be required to either pay a higher security deposit and/or be asked to provide a qualified lease guarantor. A lease guarantor must exhibit credit worthiness and the ability to satisfy the rental obligation in the event of default.

Miscellaneous:

• Credit/Background check fee is $40 per applicant
• Payment must be made before credit/background check begins
• If a lease guarantor is required, there is a $40 fee
• Upon application approval, a reservation fee of $400 can be placed to hold the selected unit the move-in date
• A co-signor may be used if applicants do not meet the minimum FICO score requirements. Applicants must meet all other criteria on their own, 1.5x security deposit required
• A guarantor may be used if applicants do not meet the minimum income threshold. Guarantors will need to meet same criteria as applicants. Guarantor monthly gross income must equal 4.5x the monthly rent

FICO Score:

All leases under $1,399 per month:

• Minimum FICO score of 600 required
• Security deposit of 1.5x lease rate for FICO scores 600-649
• Security deposit of 1x lease rate for FICO scores above 650

All leases above $1,400 per month:

• Minimum FICO score of 650 required
• Security deposit of 1.5x lease rate for FICO scores 650-699
• Security deposit of 1x lease rate for FICO scores above 700

*FICO score is a combined average of all applicants

Income:

Monthly gross income must equal three times (3x) monthly lease amount:

• All applicants will be required to provide valid proof that substantiates their income. Such proof will include written verification or statements from employers and/or other income
• If current employment is less than three months with same employer, previous employer verification will be required
• Section 8 voucher accepted as part of income but must meet all other qualifications
  

RENTAL HISTORY:

Any negative rental history can disqualify any prospective resident’s application. In the event that the application is declined due to negative rental history, a lease guarantor and/or a higher security deposit may be required. Negative rental history is described as including, but not limited to any one of the following:

• Any documented breach of the lease agreement unless documentation of proven negligence on the part of the management and/or owner(s) of the property is provided. Breach of the lease is defined as any monetary or non-monetary violation of the lease agreement
• Any late rental payments in the past twelve (12) months, NSF checks and/or any rental related debt outstanding, including payment agreements and/or judgements.

Criminal Background Check:

A rental application may be declined if you have been convicted for:

• Any violent felony or misdemeanors
• Any non-violent felony within the preceding 5 years
• Active warrants
• Any sexual offenses
• Any drug offenses

Waveland Property Management will examine each application

in regards to the type of crime, severity of the crime and remoteness in time of the conviction…should any conviction be found.