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I. Residence History |
| All rental references and/or other types of residence histories
for at least, but not limited to, the past two (2) years, are
verified. |
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II. Employment |
| In addition to qualifying income requirements, at least, but not
limited to the past two (2) years employment history is verified. |
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III. Credit Bureau Information |
| A credit report will be obtained from CBI by Colonial Parke
Apartments for an over-all review. |
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IV. Income |
| In order for an application to be considered for approval,
income requirements must be met either by Eligible Combined
Household Income, guarantee of payment by an approved Co-Signer, or
eligibility approval for 3-Months Paid in Advance. |
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Calculation of Eligible Combined Household
Income |
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(a) MONTHLY INCOME REQUIREMENT
Proposed Rent Amount $__________ x 3 = (Monthly Income Requirement)
$_____________
(b) TOTAL ANTICIPATED ANNUAL INCOME (from front of form)
$_____________
**** Line (b) MUST BE GREATER THAN, OR EQUAL TO, Line (a) *** |
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Co-Signers |
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WHEN INCOME DOES NOT MEET REQUIREMENT:
Applicant may have parent or guardian submit application in order to
meet income requirement if:
(a) Applicant is a student, receiving financial support from
parent/guardian or from student loan.
OR
(b) Applicant is a graduated student (within the past 90-days), but
has not yet secured a qualifying income. Applicant receives
financial support from parent/guardian or from student loan. |
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3-Months Paid In Advance |
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WHEN INCOME DOES NOT MEET REQUIREMENT:
Applicant may, in addition to required security deposit(s) and fees,
pay an amount equal to three (3) times the amount of proposed rent
if BOTH:
(a) Applicant is new to the area, but has not yet secured qualifying
income in the area.
AND
(b) APPLICANT MUST HAVE verifiable qualifying income from former
area of residency for at least a six (6) month period, which ended
no more than sixty (60) days prior to date of this application. |
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Upon determination of eligible income requirements
(see part IV), the first three (3) sections of each
application are
reviewed.
THE OVER-ALL APPLICATION PROCESS MUST RESULT IN AT LEAST EIGHTY
PERCENT (80%)
OF THE FINDINGS TO BE POSITIVE. |
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Other |
Identification – All applicants must be able to submit a valid
driver’s license or another form of a photo ID for identification.
Application - A completed application with all appropriate
signatures and a non-refundable application fee per applicant must
be paid to begin the qualification process.
Management reserves the right to modify any or all of the above
guidelines and qualifications. |