Acceptable Rental Requirements
THANK YOU FOR CHOOSING FIRST TROY FOR YOUR NEW HOME!
A separate rental application and application fee is required for each prospective resident 18 years of age or older. A non-refundable application fee is required for each application. This payment partially defrays administrative costs incurred in processing the application. Approval cannot be granted without a fully completed application. Please note that any applications that do not have all required areas completed, or an acceptable explanation of omissions, cannot be processed. Applicant must provide a valid government issued photo identification at the time of application.
Any applicant that does not qualify on any two of the following requirements will not be accepted unless management, at its sole discretion, will permit a qualified co-signer. Any applicant that does not qualify on any one of the following requirements in red text will be denied immediately and management will not consider a co-signer option.
Credit and Criminal Background:
1. A minimum 580 FICO credit score is required.
2. No bankruptcy within the past 3 years, or 3 or more charged off accounts, collections, judgments, or liens
3. No bankruptcy proceeding that indicates it has not yet been discharged unless proof of discharge can be provided by the applicant
4. No judgments, collections, or evictions involving a property management company or landlord in the past 3 years
5. Credit report must not reflect 3 or more late payments in any 6 month period
6. A criminal background check will be conducted on each applicant. Applicant must not have been convicted of any felony involving any drug related activity, violent acts, or property crimes within the past 7 years. We do not rent to individuals convicted of sexually oriented offenses under any circumstances!
7. A combined monthly gross income of at least 3 times the amount of monthly rent is required. The income requirement can be evaluated by combining the income of all applicants that are applying together for a particular unit.
8. All applicants that are currently employed will be asked to produce consecutive and most recent pay stubs demonstrating a minimum of 3 pay periods from the application date, or a copy of the previous year’s tax return or W-2 will be required. If new employment is pending, a copy of the offer letter on company letterhead including the start date and salary is required. If the applicant is unemployed, retired, or a student, documentation of any investments, trust funds, child support, alimony, social security, retirement income, or any financial aid paid directly to the student, is required. Self-employed applicants must provide sources of current, verifiable income. Such sources and verification can include, but are not limited to, 2 years tax returns, applicant’s 3 most recent bank statements, 1099’s, proof of government payments, investment, or trust fund income.
Debt to Income:
9. The applicant’s total monthly debt re-payment plus the monthly rental amount for the property being applied for must not exceed 50% of the applicant’s gross monthly income.
Rental and or Mortgage History:
10. Applicant must have a minimum of 1 year of verifiable rental and or payment history from a landlord or apartment community including a prompt payment record and compliance with all previous apartment community policies within the past 3 years; or in the instance of a mortgage loan, applicant must have a minimum of one year of verifiable mortgage payment history from a mortgage company. Reference information from family members or friends will not be considered. Rental payment history must not include more than 3 late payments in the previous 12 month period.
Management, at its sole discretion, may permit an acceptable co-signer or may require additional installments of prepaid rent on any applications that would otherwise be denied.
A co-signer will be approved only if they meet the same criteria required from the applicant with the following exceptions:
1. The co-signer must have a monthly gross income equal to a minimum of 4 times the monthly rental amount of the property being applied for.
2. Co-signer must be a full time resident of the State of Ohio.
3. All co-signers are jointly and severally responsible for the full term of the lease.