Towers at Four Lakes Rental Criteria:
Statement of Rental Criteria – January 2022
Eagle Management RE, LLC is committed to the Fair Housing Act prohibiting discrimination in rental housing based on Race, Color, Religion, Sex, National Origin, Handicap / Disability, Familial Status, and any other Protected Classes defined by local ordinance.
Please note that these are our current rental criteria and nothing in these requirements shall constitute a guarantee or representation by our community that all residents and occupants currently residing in our community have met these requirements. There may be residents and occupants residing here who moved in prior to these requirements going into effect. Our ability to verify whether these requirements are met is limited to the information we receive from various resident reporting services.
We require a government-issued photo ID from one adult (18 years of age) per group wishing to tour an apartment and/or submit an application for an apartment. A valid government issued ID is required once approved, prior to move in.
INCOME / EMPLOYMENT
· Total monthly household Gross Income (of combined applicants) must be at least three (3) times the amount of the contractual amount of the lease term. If verifiable by employer, we require three back-to-back paystubs or offer letter.
· If applicant is unemployed, self-employed or retired, 3 months’ worth of proof of assets should be provided and must be equal to at least 3 times the contractual amount of the lease term.
· Income which does not come from employment (commissions, child support, etc.) requires written verification.
· If a guarantor is used, the guarantor’s gross monthly income must be at least (5) five times the amount of rent.
RENTAL HISTORY
· Any negative rental history may be grounds for application denial.
· Rental history must be with a non-relative landlord and applicant may be asked to produce a copy of his/ her lease paperwork. We will attempt to reference back three (3) years of rental history.
· Applicants who have been evicted or owe money to another landlord within the past five years will not be approved.
CREDIT HISTORY AND SCORING
· All applicants must provide a valid social security number. Applicants who do not have a social security number will have to supply alternative identification such as a valid passport, visa or green card.
· A credit report will be obtained for every intended resident over the age of 18 who will be a leaseholder. A criminal background check will also be performed for anyone over 18 that will be residing in the apartment as an occupant.
· If any applicant takes exception with any findings, the applicant is solely responsible for making any corrections and reapplying.
· If your application is “accepted with conditions” or “declined”, you will be given the name, address, and telephone number of the consumer reporting agencies that provided your consumer information to us.
· Baseline for the Security Deposit is based on your Trans Union credit score:
o 750 and above $250 security deposit, plus $199 admin fee
o 700-749 $500 security deposit, plus $199 admin fee
o 650-699 $750 security deposit, plus $199 admin fee
o 600-649 1 month rent security deposit, plus $199 admin fee
o 550-599 1.5 month rent security deposit, plus $199 admin fee
o 500-549 2.5 month rent security deposit, plus $199 admin fee
o Under 500 Automatic denial, $199 admin fee will be refunded
o None or 0 credit score- this will qualify for a 1-month security deposit. If they have a co-signer that is above a 750, they will have a $250 security deposit assessed.
· If there are multiple leaseholders their average credit score will be used to determine the baseline of the security deposit.
· An application may be declined if a high-risk collection is detected.
CRIMINAL HISTORY
· As a part of the application process, the criminal background of all residents 18 and older will be conducted.
· Prospects with the following criminal history will not be approved:
o A conviction, guilty plea or no-contest plea for felony involving injury, kidnapping, death, arson, rape, sex crimes and/or child sex crimes, extensive property damage or drug-related offenses (sale, manufacture, delivery or possession with intent to sell) class A Felony burglary or class A Felony robbery.
o A conviction, guilty plea or no-contest plea, where the disposition, release or parole has occurred within the last seven years for any other felony charges.
o A conviction, guilty plea or no-contest plea, where the date of disposition, release or parole have occurred within the last three years for any B or C misdemeanor in the above categories or those involving criminal trespass, theft, dishonesty, prostitution.
OCCUPANCY STANDARDS
· The maximum number of persons per apartment is two (2) persons per bedroom. Bedroom is defined by our floor plan designations.
· At move in, a child under the age of twelve months is not counted in the occupancy standards. After the age of twelve months, when the lease expires, their lease will not be renewed and/or will be required to transfer to a sister property.
PROOF of RENTER’S INSURANCE
· We require all residents to have renter’s insurance upon move-in. Proof of insurance must be presented upon signing the lease or before. Should you not provide proof of renter’s insurance, a policy will be provided for you though the management company.
· Requirements are as follow:
o Liability Insurance of $100,000 or higher
o We are listed as an “interested party” as:
§ Eagle Management RE, LLC
§ Towers Four Lakes Capital Partners, LLC
RENTAL APPLICATION
· To reserve an apartment, complete an application and submit the application fee(s) and administration fee. Two separate checks should be written. The application fee is non-refundable 24 hours after submission of the application. If the application is denied the administration fee will be returned to you.
· Any prospective resident of the apartment over the age of 18 must apply and be a leaseholder and/or be screened as an occupant. Applicants MUST disclose all intended residents of the apartment.
· All heads of household must be at least 18 years of age.
· Falsification of information or omission of information on a rental application is grounds for denial, and all deposits and application fees will be forfeited.
· We reserve the right to request documentation of any information presented by prospect on the rental application.
· No resident will be permitted to take possession of the apartment without having paid all required move-in fees, deposits and applicable rent. Your account with Eagle Management must be current at move-in.
COMPLIANCE WITH THE LAW
· In the event that any minimum requirement contained within this document is in conflict with any Local, State, or Federal Rule of Law, the appropriate Local, State or Federal Law will prevail.