LEASING TERMS AND QUALIFYING STANDARDS

New River Yacht Club

Statement of Qualifying Standards

Revised:  October 11, 2016

 

 

When you meet the application standards, you will have the peace of mind of knowing that you will be joining other residents who have also met strict standards. All residents have been screened with the same leasing terms and qualifying standards before residency and have been completed with equal care.

 

Our community operates by the Fair Housing Act, as well as all applicable state and local laws regarding fair housing and equal opportunity. It is illegal to discriminate against any person because of race, color, national origin religion, sex, disability or familial status.

 

If your application meets all of the following criteria, you will be approved.  If it does not, you may be approved with conditions, which may require you to pay an additional security deposit.

 

APPLICATION SCREENING REQUIREMENTS

 

A complete Screening Application:

  • All lines must be filled in and questions answered for the application to begin the approval process.
  • All Applicants over the age of 18 are considered an adult and must complete a Screening Application.
  • All Applicants over the age of 18 must sign the Lease Agreement along with the leaseholder(s).
  • All residents of the apartment must be listed on the Lease Agreement.

 

Two forms of identification are needed to complete the Screening Application.

  • Photo Identity is required, e.g. permanent resident card, passport, driver’s license or citizenship certificate.
  • Social Security number (SSN), e.g. Social Security card, paycheck, 1099 form. If you don’t have an SSN, you will need to provide a letter from the Social Security Administration (SSA) or a secondary proof of identity.
  • All applicants that do not have a social security number will be required to pay the remaining security deposit equal to two month’s rent, after the application is approved, before moving into the apartment.
  • (Note: a copy of each form of ID will be required once your screening application is approved.)

 

Verifiable rental history:  The standard approval process requires verifiable rental history for the most recent past two years.  It is your responsibility to provide necessary information that allows us to contact your previous landlord(s) for this information.  You must have a history of paying your rent on time, have given proper notice, have no dispossessory warrant(s) filed and must not owe any money to your landlord.  If we are unable to verify your previous landlord (s) and references, we reserve the right to require an additional security deposit or deny your application.

 

Income Eligibility:  To become eligible for residency approval you must meet the monthly income requirements set forth by this community at three times the monthly rent. We will review previous income of two years and projected 12 months in an acceptable form of documentation. All funds must be in a United States Bank.

Please note that unemployment income does not count as income when forecasting.

 

Accepted forms of Income documentation include:

 

  • Current Pay Stub with YTD information
  • A letter from your Employer on company letterhead, verified by management confirming the conditions stated, followed by documentation of income from your prior employer.
  • W2 from prior the year plus current paystub indicating the applicant works for the same company.
  • Tax return from previous years must be executed and certified by CPA. Current earnings verified by CPA are six months of “average daily balances” in the bank account for the business owners.
  • Self Employed: The Certified Financial Statement accompanied with Articles of Incorporation listing applicant as Principle, accompanied by six months of “average daily balance” in a personal bank account.
  • Current money market account standing, bank account balance revolving for 12 months for those independently wealthy, accompanied by a letter of explanation for wealth.
  • All funds must be in USA bank accounts with documented source of monthly income.

 

Credit History:  Credit accounts should have satisfactory ratings, and all utility accounts must be current with no balance owing.  If credit has been slow but all other qualifications for residency have been met, an additional security deposit equal to one month’s rent may be required.

 

We will consider a mortgage as rental history and must be on the credit report, if active within the past two years, however, if the mortgage is late or in default, you could be asked to pay a additional security deposit providing the other criteria set forth are met.

 

Bankruptcy results are permitted, but only if the bankruptcy is dismissed or discharged and addition deposit may apply.

 

Criminal background:  Criminal background checks are required for all adult members of the household.

Felonies:  All felony record that appears on any member of the household will be an automatic denial.  An adverse action letter will be provided to you for clarification.  You may dispute the findings with the screening company-Real Page.

 

Misdemeanors:  Will not be cause for denial of an application.

 

Guarantor: Guarantors accepted, you have a social security number and earn 5X the monthly rent and have excellent credit.

 

Pets: We will accept up to 2 pets Per apartment home, with a maximum combined weight of 75 lbs. per apartment. Pets will be registered with the leasing office, and veterinary records will be required. All pets must be disclosed at the time of application to determine eligibility. Visiting pets are not permitted.

 

New Construction:

Please understand that with new construction Delivery dates may vary, and we reserve the right to change the scheduled move-in date by 15 days without penalty.  If the move-in date changes by more than 30 days we will refund the security deposit in the event you cannot wait and need to cancel your application.

Important things to remember:

  1. All applicants 18 years of age or older will be required to go through the application process and sign the lease as a lease holding resident.
  2. No credit reports will be printed at any time, nor are we permitted to discuss the reporting with the applicant.
  3. Felony reports, convictions, or charges are automatic denials.
  4. All applicants will be notified immediately upon approval or denial with written results generated from the screening program. Also, this approval/denial will be noted on your application at this time.
  5. Holding deposits are not refundable once you have been notified that your application has been approved.