Application
and Credit Policy

Application and Credit Policy

Criteria

  • Note that each occupant 18 and older must meet all the criteria described herein.
  • Can each applicant/resident afford the rent? The ability to pay is determined by a minimum one (1) week’s net income = to monthly total housing payment. Total housing payment consists of lot rent plus any mortgage payment if there is a mortgage.
  • Total debt (including proposed mortgage payment, auto, credit card, and other loans and lot rent) divided by the total income not to exceed 40% of net monthly income.
  • Income verification: proof of income (pay stub and/or last year’s tax return) is required.
  • Credit report obtained by our firm from a credit reporting agency; minimum FICO score of 675. Third party credit reports such as “Credit Karma” are not considered a reliable score.
  • Landlord references required. Any prior lease violations, late rent payments, or unsatisfactory landlord references are grounds for denial.
  • If any prospective applicant/resident is financing the purchase of their home, a minimum cash down payment of 10% is required. Source of the down payment shall be stated and verified.
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Grounds for Denial

  • Incomplete application and/or false or misleading information on application;
  • Landlord Reference: and one (1) complaint from a current or former landlord; any prior lease violations or late rent payments shall be grounds for denial.
  • Credit Report: one (1) 90-day or greater delinquency, charge-off, collection, skip or civil suit; any repossession, tax lien or bankruptcy; two (2) or more 30- day delinquencies; one (1) 60-day delinquency.
  • Court Records: one (1) eviction for non-payment or cause; one (1) case of property damage, disturbance, nuisance, foreclosure, criminal conviction or other cause.
  • Dent to income ratio: if total exceeds 40%, or one (1) week’s net income is less than the total monthly house payment (lot rent and mortgage).
  • FICO Score less than 675 and/or no credit history.