1) I am self employed and don't have paycheck stubs. What qualifying information do I need to provide?
If you are self-employed, we will accept one of the following as proof of income: - The last three current and consecutive bank statements showing liquid assets totaling at least three times the net effective monthly rent for the entire lease term. - Previous two years' tax returns. - If applicable, you may provide an order of alimony or child support. If no order exists, but alimony or child support is collected, three months' most recent consecutive bank statements (or check copies) showing regular deposits of alimony or child support can be provided.
2) What are your income requirements?
Income requirements for residency: Applicant must gross 2 x monthly rent in combined household income to be considered for lease. If Applicant is unable to meet this guideline, they may opt to have a suitable co-signer execute the lease agreement jointly. Full credit and background check will be performed on co-signer, who must also. meet the aforementioned criteria.
3) I am currently employed and receive a w-2. What do I need to provide you for proof of income?
If you are currently employed, we will accept one of the following as proof of income: - The last two/four equal to one month’s current pay stubs from your current employer that are current within the last 30 days. - If applicable, you may provide an order for alimony or child support. If no order exists, but alimony or child support is collected, three months' most recent consecutive bank statements (or check copies) showing regular deposits of alimony, or child support can be provided. - Irregular additional income that does not appear on you pay stub, such as gratuities, commissions, etc., may be counted only with verifiable documentation (i.e, tax returns). - A letter, fax, or email statement from your employer is not an acceptable verification of income.
4) I am moving into Denver but I haven't started my job yet and have no paycheck stubs. What do I need to provide you for proof of income?
If you are an applicant who is starting a new job, but has not yet been paid: -You may provide an offer letter effective before the lease start date, on company letterhead, and verified by CRESPM.
5) I'm not currently employed. What else can I provide you for proof of income?
An applicant who is not employed may provide: - A Social Security Benefits Letter, SSA-1099: Social Security Benefit Statement, or A SSA Notice of Change in Payment. Benefits letter must be dated no more than 14 months from the date of application. -Income assistance Benefit Statement (this document name will vary by state). Benefits letter must be dated no more than 14 months from the date of application. - A statement of annuity account payment showing regular annuity income dated within the last 30 days. - A statement from the financial aid office of a college or university that shows loans and/or grants awarded for living expenses beyond tuition and other school expenses dated within the last 6 months. - The last three current and consecutive bank statements showing liquid assets totaling at least three times the net effective monthly rent for the entire lease term. If approved, you will be required to put a deposit of 2x the monthly rent. Prospective tenant will be required to pay an upfront fee of $500 to go toward a Landlord Protection Insurance policy through the Property Managements company preferred insurance company and this will be required for lease renewals as well in the future.
6) What does my credit score need to be in order to be approved?
Applicant must have FICO (as reported by any of the top 3 agencies) of 600 or above to be considered for lease. If Applicant does not meet this guideline, and if CRESPM deems Applicant as trustworthy and able to make rent payments, the Applicant may put down 2x security deposit as long as applicant’s FICO score is at or above 550 for any of the applicants that we need to verify income on. If Applicant is unable to meet either of these guidelines, they may opt to have a suitable co-signer execute the lease agreement jointly. Full credit and background check will be performed on co-signer, who must also meet the aforementioned criteria. If any of the prospective tenants that will be on the lease credit score is under 550, they will be required to pay an upfront fee of $500 to go toward a Landlord Protection Insurance policy through the Property Managements company preferred insurance company and this will be required for lease renewals as well in the future.