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If you do not believe you will qualify under our Regular Income Standard noted above, you may elect to apply under one of our Alternative Standards noted below in: Guarantor Option, Net Worth, Combination, and Income and Expense.
ALTERNATIVE STANDARDS
Under all alternative standards applicants must have:
1. Acceptable prior landlord references.
2. Excellent credit (unless noted otherwise, as in our Guarantor Option).
3. A completed Application for each proposed adult occupant.
4. At minimum, a standard deposit payment (25% of one months rent).
5. A $35 payment for each credit check for each adult applicant (including any guarantor applications).
Guarantor Option/Standard
If you do not economically qualify for the apartment, or if you have experienced past credit problems, you may elect to have the rental payments guaranteed by the guarantor of your choice.
To qualify, the guarantor must:
1. Meet certain economic standards.
2. Have excellent credit.
3. Must sign our standard form guarantee.
4. Submit a government issued photo identification showing their signature (which must match the signature on the signed guarantee).
5. Speak directly with a staff member, who will call them at their residence or place of work for identity verification.
6. Have a regular income of at least three times all of their monthly debt (e.g. loans of all types, revolving credit, child support etc.), including the proposed total monthly rent. This is commonly referred to as an income-to-debt ratio of no more than 3 to 1.
7. Supply documentation showing a liquid net worth (stock, bonds, notes, or cash deposits, personal residence is excluded) of $250,000 or more. The proposed guarantor must submit three statements of valuation of the assets. One of the three statements must be current, within 30 days of the application. The second evaluation must be a statement that is no less than 6 months old, and the third must be no less than 12 months old, but not greater than 18 months old. The net worth valuation will be determined by averaging the value of the three statements.
Guarantor Example:
House Payment $ 4,500
Car Payment $ 1,500
Monthly Prop.Tax & Insur. $ 1,000
Short-term debt $ 2,300
Tuition $ 1,000
Investment Loan $ 500
Proposed Apartment $ 2,000
TOTAL $12,800 X 3 = $38,400 monthly or $460,800 annual income
Net Worth Option/Standard
If you do not have regular income or sufficient regular income, you may qualify based in whole or in part on your liquid assets, or your liquid net worth.
To apply under this option:
1. You must submit three statements of valuation of the assets. This can be done most easily by submitting a statement of account value from your brokerage firm. One of the three statements must be current within 30 days of your application. The second evaluation must be a statement that is no less than 6 months old, and the third must be no less than 12 months old, but not greater than 18 months old. The net worth valuation will be determined by averaging the value of the three statements.
2. Your liquid net worth must be greater than or equal to sufficient income to meet our Regular Income Standard for five or more years. Under this alternative, your liquid net worth is then converted to phantom monthly income. By way of example, an applicant applying for an apartment unit renting for $1,500 per month, would need a net worth of five times $54,000 (the standard income required of three times the rent) or $270,000. This is a net worth equal to the Regular Income Standard for 5 years. Another example, if you are applying for a $2,000 per month apartment as a single occupant, our Regular Income Standard would require that you have income greater than or equal to three times the monthly income, or $6,000 per month, or $72,000 per annum. Under the Net Worth Standard, you would need to show that you had this amount of income in liquid assets for a minimum of 5 years, or $360,000 of liquid assets.
Combination Option/Standard
As another alternative, you may qualify using a combination of our Regular Income Standard and the Net Worth Standard. If your income is slightly below the Regular Income Standard, an individual could qualify if their monthly income was only $18,000 per year – but in addition if they had a net worth of $90,000. In this example, the net worth counts for 50% of the income necessary under our regular income standard.
Income and Expense Option/Standard
f you do not have sufficient income under our Regular Income Standard, you may elect to qualify under another this alternative.
Under the Income & Expense Standard, an applicant may qualify if:
1. Their income is greater than or equal to two times the proposed monthly rent (including any rental payments for parking, storage or pet fees),PLUS all of their combined household monthly expenses averaged over the previous twelve months. Monthly expenses are defined as ALL expenses, excluding only housing and savings. Both your income and all of your expenses are verified under this alternative.
2. Each proposed occupant provides evidence of 12 months of ALL of their expenses and the expenses of all dependents who will reside in the unit, including but not limited to expenses such as utilities (e.g. telephone, cable, internet, water, gas and electricity), credit card purchases (not just payments), clothing, food, entertainment, vacation, travel, personal sundries, automobile expenses, medical, loans (student or automobile, or investment) and all forms of taxes (federal and state withholding, social security and disability).
3. The information is provided in a logical format with legible copies of all statements, bills or invoices. If we discover you have excluded any portion of the previous 12 months of expenses, regardless of the reason, your application will be rejected as an incomplete application..________________________________________________________________________________________________________________
NOTEWORTHY:
Because we review the first completed application and only a single application at a time, the applicant or applicants must elect to apply under a single specific standard, at the time the application is submitted. If there is more than one applicant, the applicants must select a single application standard for the proposed household. Applicants for a single apartment unit may not apply under different standards.
If you fail to qualify under the standard you initially choose, your application will be denied. If there is a back-up application, the back-up application will then be processed. You will not maintain your application priority once denied, regardless of the reason. To be reconsidered after failing to qualify under your chosen standard, you will then need to reapply using another standard that you select. Therefore, we strongly recommend that you choose your economic standard carefully and select the one that best suits your household economic position.
A completed application must include all necessary payments (deposit and credit check fees), a signed rental brochure, the standard residential Rental Application, fully completed by each proposed adult occupant and guarantor(s), along with all necessary supporting documentation. If any portion of the application is missing, it will not be considered complete and will not be processed until the missing materials have been submitted. If the missing materials are not submitted, the application will not be reviewed and will be considered an abandoned application. Any payments will be mailed to the applicant(s) last known address if one has been provided. If not, the checks will be marked VOID and filed with the incomplete application.
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