Income Requirements

INCOME

  • Your gross annual income (income before taxes) should be at least 39 times the monthly rent. If you do not have the required income, you will either need a co-signer or be able to show substantial liquid assets. For example: if the rent is $1,000 you must earn $39,000/ year to qualify.
  • You must provide written verification of your income by submitting a copy of your most recent pay-stubs, however we reserve the right to request last year’s W-2 or a letter from your employer verifying your position and income. If self-employed, you must submit a copy of the first page of your previous year income tax returns.
  • If a co-signer is necessary, the co-signer must also complete and sign an application, provide income verification of income, and provide an additional $40 application fee. The co-signers gross annual income must be at least 78 times the monthly rent and they must also have a satisfactory credit history

DEBT

  • The total amount of your monthly debt (credit card payments, car loans, etc.) plus the monthly rent should not exceed 36% of your gross annual income.

CREDIT HISTORY

  • All applicants must have satisfactory credit history.
  • Chances Are Realty Property Management will obtain a credit report on all applicants.
  • Reports supplied by applicants will not be accepted. Credit reports obtained by Factual Data will not be provided to tenants.
  • Your credit report must show any defaults, late payments, outstanding judgments or collection items.
  • Co-Signers are not permitted for applicants with bad credit.
  • Applicants with a past Bankruptcy will only be considered if the bankruptcy has been discharged for at least one year and no derogatory credit is currently on the report.

RENTAL HISTORY

  • You must have a satisfactory rental history.
  • 12 month of on time payments within the past year.
  • Chances Are Realty Property Management will conduct a nationwide check of Landlord/ Tenant Court Records to see if your current or previous landlord has ever filed claims against you.

Some owners have elected to participate in our “CAR ” program. You may qualify if conditions of your challenged credit meets our guidelines.
WITH THIS PROGRAM AND AUTOMATIC DOUBLE SECURITY DEPOSIT WILL BE NEEDED TO MOVE IN.

SECURITY DEPOSITS:
Security deposits are always equal to the first month’s rent. In some instances a double security deposit will be needed. For the properties that allow pets, an additional deposit of $350.00 will be needed in addition to a security deposit. If your deposit is already doubled, instead of paying $350.00 in addition to your Security Deposit at the time of move-in, you will be required to pay an additional $25.00 per month in addition to your monthly rent.

FAIR HOUSING POLICY

 

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