2BL Standard for Rental Applications

The minimum acceptable approval criteria for tenants in the 2B Living portfolio are as follows. If any one of these criteria are not met, the application will not be approved.

• 3X base rent in gross monthly income for the household
• Positive credit history for all members of the household which means:
  • No late payments on any credit accounts in the last 24 months
  • No accounts in collections
  • No charge offs
  • No bankruptcies in the last 7 years (open or discharged).
  • No late payments or outstanding balances with a previous landlord.
• No landlord-tenant disputes on credit report
• Rental verification from the current landlord for all members of the household.

Guarantors will be considered on a case by case basis by the property owner if the tenant does not meet all standard approval criteria. The minimum acceptable approval criteria for a guarantor to be considered are:

• 5X rent in gross monthly income
• Positive credit history which means:
  • Minimum 700 FICO score
  • No late payments on any credit accounts in the last 24 months
  • No accounts in collections
  • No charge offs
  • No bankruptcies in the last 7 years (open or discharged).
  • No evictions, late payments or outstanding balances with previous landlord

Acceptable income documentation for tenants opting out of Appfolio Income Verification

• If the tenant/guarantor is an employee of a company:
  • 2 most recent paystubs, no more than 60 days old
  • For a new job, offer letter and employment verification from supervisor 
• If the tenant/guarantor is self-employed:
  • 6 months of bank statements showing regular deposits of an average of 3X the rent for tenants and 5X the rent for guarantors
  • Tax returns acceptable if bank statements are also provided
• If the tenant is a student
  • Financial aid documentation and breakdown of financial aid allocation for housing expenses
  • Bank statements
• If the tenant/guarantor is retired:
  • 6 months of bank statements
  • SSI/pension letter