Application Criteria

RENTAL APPLICATION CRITERIA & PROCEDURE

PROCESSING TIME FRAME:

Processing an application may take up to 2 business days. Due to unforeseen circumstances, some applications may take longer to process. You will be contacted immediately upon determination of approval or denial. You will have 2 business days from notification by a 5 Star Estates representative to complete all lease requirements for the property for which the application is submitted.

TO APPLY THE FOLLOWING IS REQUIRED:

All applicable fields on the Rental Application Form must be filled out and form signed by the applicant.

• The application fee is $45 (or other where specified) per adult person 18 years of age or older. PLEASE NOTE APPLICATION FEES ARE “NON-REFUNDABLE”.
• Each person 18 years of age or older must complete the application process. Approved applicant(s) must sign the lease as a responsible party(s); occupant(s) must be listed as part of the lease.
• Valid current photo documentation is required; some examples are driver's license, State issued I.D. or passport.
• A valid social security number is required of each applicant. For applicants without a social security number, proof of a permitted stay in the US with a visa is required as well as the last 3 months rent paid in advance.
• All applicants will be evaluated by a third party screening company's computerized model.

CRITERIA REQUIREMENTS:

Proof of Current Income

It is important that you provide the source of income that will cover the term of the lease. If you are beginning a new job or if current job is not local, a signed letter from your employer that includes employment status and pay rate is necessary.

• Acceptable proof of income: Pay stubs, LES, W2, retirement, court decree on child support or alimony, letter from CPA on company stationery stating economic standing.
• Self-employed or retired applicants must provide last 2 years of tax returns.

Income Requirement

• Applicant: Gross monthly income must meet or exceed 2.5 times the monthly rent amount. Multiple applicants' income will be combined.
• Guarantor: Gross monthly income must meet or exceed 3 times the monthly rent amount.

Credit History

Must have satisfactory credit. The most common reasons for denial are:

• Landlord debt in the last 7 years
• Collection accounts exceed 24% of your credit profile
• Delinquent accounts exceed 24% of your credit profile
• Applicant has an initial filing or eviction with in the last three (3) years or has multiple evictions with in the last seven (7) years.

Criminal History

Must have satisfactory criminal background. The most common reasons for denial are:

• Applicant has ever been convicted of any sexual related offense or VCAP (Violent Crime Against Person) that was adjudicated guilty or had adjudication withheld.
• Applicant has been convicted, has a felony record, or a 1st degree misdemeanor that was adjudicated guilty or had adjudication withheld in the past ten (10) years. * Appeals for non-violent convictions will be considered.
• Applicant has falsified information on the application.

POLICIES AND PROCEDURES:

• Applications will be processed on a “first come, first served basis” with time and date denoted on the application to act as receipt. If more than one application is submitted before approval can be achieved, the first approved application would be selected by the screening company and all applicants would be notified of procedure.
• If application is approved, you must pay a reservation deposit in certified funds within 2 business days of notice. If applicant fails to execute a lease after processing and reservation fee is collected, the applicant may be rejected, the property returned to the open market and money will become non-refundable.
• No properties are held for more than 2 weeks from application date unless approved by owner in writing.
• Unit access will be granted on the first day of occupancy and under NO circumstances prior to date of occupancy as denoted in the lease.
• Regardless of move in date, an amount equivalent to a full month's rent is required upon move in. The first full month's rent must be paid in certified funds. Any pro-rated rent amount will be applied to the second month of occupancy.
• DEPOSIT AND FIRST FULL MONTH OF RENT MUST BE PAID WITH CERTIFIED FUNDS (TO INCLUDE PET RENT WHEN APPLICABLE).
• If applicant(s) are approved with conditions, those conditions supersede all conflicting statements in this document.

APPLICATION - EARLY TERMINATION

If the applicant has submitted the security deposit and signed the lease, he may terminate the lease by 1) giving a written notice to the Property Manager, and 2) if the termination is within 14 days of the lease signing, the applicant must give an amount of money equivalent to the security deposit to the Landlord or if the termination is more than 14 days after the lease was signed by giving an amount equivalent to the security deposit and one month's rent to the Landlord. This provision applies only to those tenants who have NOT taken possession of the rental property.

Acknowledgement

By applying, Applicant agrees to be enrolled in the 5 Star Estates Resident Benefits Package (RBP) and to pay the applicable cost of $79/month, payable with rent *other condition may apply and will be explained at time of approval