Waveland Property Management, LLC

 


 

Credit Qualifications

  1. Minimum FICO score of 550 for rent under $1,000; 1 and ½ times security deposit required for scores 550-599
  2. Minimum FICO score of 600 for rent over $1,000; 1 and ½ times security deposit required for scores 600-649
  3. No unpaid civil suits or judgments (not landlord/tenant related)
  4. Bankruptcies: must be discharged, must be older than 1 year and will need to provide a landlord reference
  5. Utility Records: no unpaid utilities

Income Qualifications

  1. Monthly gross income must equal three times (3x) monthly rent
  2. Must be a verifiable source of income and/or assets such as:
    1. Two most current paystubs\Three months’ worth of bank statements with direct deposits
    2. Prior year tax return (only within the first quarter of the year, i.e. 2018 returns only good up to March 30, 2019)
    3. Award letter (SSI/SSD, pension, 401K, Trust fund)
    4. Employer Verification Form (sent by WPM to employer)
  3. If current employment is less than three months with same employer, previous employer verification will be required
  4. Section 8 voucher accepted as part of income but must meet all other qualifications

Criminal Background Guidelines

  1. No sex offenses
  2. No drug offenses except marijuana use (has to be older than 4 years)
  3. No violent felonies or misdemeanors
  4. Other felonies and misdemeanors not listed above based on offense and time period

Rental History

  1. Foreclosures: within the last three (3) years a 1 and ½ times security deposit will be required and a landlord reference will be required
  2. Rental collections: none in the last 12 months, 13-36 months old need to be paid off and a landlord reference will be required and a 1 and a ½ month security deposit will be required
  3. Judgments: None in the last 12 months; Money judgments 2-7 years old need to be paid and a landlord reference will be required. Possession only judgments will require a landlord reference.

Co-signor/Guarantor Guidelines

  1. 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 and ½ times security deposit required
  2. 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 four and a half (4.5) times the monthly rent.

*FICO score is a combined average of all applicants **Upon application approval a reservation fee of $400.00 must be placed to hold the selected unit until the move in date.

 

 
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