Rental Criteria Guidelines
We are very excited you chose us! Steps to becoming a future resident with Asden Properties:
l. Select your rental unit.
- To submit an application, applicants must have a combined income of at least three (3) times the amount of monthly rent.
- Complete the application on the designated form or online.
- Pay your non-refundable credit/screening fee of $49.00 per each adult (18 years or older) applicant and $100.00 administration fee per unit.
- Be prepared to wait 1-2 business day(s) for the information on your application to be verified.
- Additional Fees may be required as explained in our Criteria below:
l. Gross monthly household income must equal three times (3) the stated monthly rent. If monthly income does not equal three (3) times the stated monthly rent, a qualified co-signer will be required and/or an additional security deposit equal to a full month's rent may be required.
- Last two (2) current paycheck stubs from your employer will be required. Verifiable income or liquid assets equal to three (3) times the total annual rent will be required for unemployed applicants. (Verifiable income may mean, but is not limited to bank accounts, alimony/child support, trust accounts, social security, unemployment, welfare, grants/loans.) Self-employed applicants will be required to show proof of income through copies of the previous tax return. Self-employed applicants will be verified through state records. A recorded business name or corporate filing may be sufficient to meet verification of employment.
- Application will be denied if the legal source of income cannot be verified.
l. First-time renters that have no rental history but meet our income qualifications will be given an opportunity to rent with us for a Risk Management Fee.
2. Applicants with negative rental history that is over 36 months old, will possibly have the opportunity to be approved with a Risk Management Fee. However, one (1) landlord debt will be accept. This debt must be OVER three (3) years old.
3. Two (2) or more negative rental history and or eviction/landlord debts will be cause for a denial.
l. Applicant credit history is evaluated by a third-party screening service, Weimark.
- Applicant's credit history will be reviewed for late payments, charge-offs, unpaid collections, bankruptcies, judgments and eviction records. Applicants with a credit score below 500 will have the opportunity to rent with paying a Risk Management Fee.
A criminal background check will be conducted for each applicant. The application(s) will be denied if any applicant has an existing criminal record or charge pending for drug-related crimes, prostitution, firearms or crimes against person or property. This would include a felony or misdemeanor conviction, or adjudicated verdict.
- Felony Convictions within the past (7) years
- Any Pending Felony or Drug Charges
- Deferred Adjudication for a felony within the past (7) years
- Conviction of the sale, possession or manufacturing of controlled substance within the past (7) seven years. Registered sex offender or any sex-related convictions
- If an applicant receives an Approval with Conditions, an additional nonrefundable risk management fee will not exceed $500 will be required in addition to the standard deposit for the unit rented.
DECLINED APPLICATIONS (If any of the following apply, the application will be declined):
•No verifiable income or salary.
- Falsification of application.
- Applicant currently in a recently opened Chapter 7 or Chapter13 Bankruptcy that can have creditors added.
- Applicant currently owing current landlord or a bad debt within the last 24months.
- Non-U.S. citizens who do not provide the required U.S. INS documents.
- Applicant has been convicted of a felony that poses a threat to the apartment community.
FEES AND DEPOSITS
- Application and administration fees may be paid by money order or cashier's check.
- All other move-in fees and deposits must be paid by money order or cashier's check. No cash will be accepted.
- Maximum number of persons per apartment: 2 persons per bedroom.
- Co-signers are accepted when the rent to income ratio is not met by the applicant.
- Co-signers must complete an application for residency and be processed as a guarantor-signer must have income of 5 times the monthly rent.
- Co-signer must sign the Guaranty/Co-Signer Agreement.
- Co-signer must reside in the United States.
APPLICANTS WITHOUT A SOCIAL SECURITY NUMBER
- Required to submit INS documents for verification. Acceptable formsinclude1551, 1688, 166A, and 1-94.The document must be a minimum 6-month permission period when they apply.
- If the 1-94 is submitted, a valid passport and visa must also be submitted.
- Proof of income - Acceptable sources included two recent paycheck stubs or six months of bank statements. Students may also submit the 1-20 as an acceptable source of income verification.
We are an equal opportunity housing provider. We fully comply with the federal Fair Housing Act. We do not discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin. We also comply with all state and local fair housing laws.
Risk Management Fees combined shall not exceed $500 per apartment:
Credit Score 500 and Below:
$100 Risk Management Fee
1st Time Renters:
$250 Risk Management Fee
Bad Landlord Debt over 36 Months:
$400 Risk Management Fee
3 to 5 Late Payments in 12 Months:
$200 Risk Management Fee
6 or More Late Payments in 12 Months:
$300 Risk Management Fee
Applicant(s) understand and agrees to the terms by which this application will be processed. Applicant understands that any dispute with regards to the credit findings will be the responsibility of the applicant to address with the credit report agency.
Applicant(s) also understands that the deposit is not refundable after approval. It is the applicant's responsibility to provide income verification within the 24 hours to avoid delay in processing the application. Applicant also understands that income verification is not provided within the 24 hours, the apartment may be returned to open market and any fees paid, will be forfeited.