Applicants/Co-signers Please Review

 

 

All applications are screened by the same criteria. We present our requirements in advance of accepting any money to hold the apartment. Our application screening process involves a credit & criminal check, verification of income and rental/mortgage references. Co-signers are screened through the same process and must meet all requirements to qualify.

 

The cost to apply for an apartment is $300 per apartment, not per person. We must receive the $300 in one payment, so feel free to split that cost however you please with your anticipated roommate(s). If you are not approved for whatever reason, your "Application Fee" is 100% refunded back to you. Once approved, the "Application Fee" is no longer refundable and we will present a lease for your review and signature. There are no additional fees and no security deposit, just pay your first month's rent when it's time to pick up keys!

 

The Krenger Company, will process applications for "JAK & S Realty" and "John A. Krenger Development, INC." 

 

 

Credit Requirements

 

The Krenger Company, will run a credit & criminal check on all prospective tenants and co-signers. A minimum of three credit accounts in good standing must appear on your credit report. Credit accounts include major/department store credit cards, loans of any kind and lines of credit that are reported to the credit bureaus. Checking/savings accounts, debit/ATM cards and utility accounts that are not routinely reported to the credit bureaus and are not considered.

 

Credit histories are evaluated by formula. For applicants to be approved without a qualified cosigner, no more than 20% of the accounts reported may reflect negative status. If more than 20% up to 40% of the accounts are negatively rated, a lease may be offered with a qualified cosigner. If more than 40% of the accounts reported are negatively rated, a lease will not be offered. If the credit report indicates paid or unpaid civil judgements, liens or any eviction action, a lease will not be offered.

 

If you do not have any credit history, a lease may be offered with a qualified co-signer.

 

 

Income Requirements and Documentation

 

Each applicant (including roommates) must have a gross monthly income (all verifiable sources considered) of three times the monthly rent. For example, if the rent is $500.00, each applicant must have a total monthly income of $1,500.00.

 

The enclosed Income/Employment Verification form should be used if your primary income is from your job. If you are self-employed and do not receive wages through payroll, please provide a copy of a 1099 form(s) or your most recent tax return's first page (this will indicate the gross income your are reporting to the IRS).

 

Other acceptable income documentation includes: job offer letters, student financial aid award letters, statements of earnings and account statements for cash assets.

 

If you do not have sufficient income to qualify, a lease may be offered with a qualified co-signer.

 

 

Rental History or Home Ownership Requirements

 

We must be able to verify rental history for at least one current or prior rental agreement or home ownership/mortgage. References must be positive, including timely rent payment, no material breaches of the lease agreement(s) or mortgage reported in good standing. See the enclosed Landlord Reference Authorization form for specific rental history criteria. An application may not be approved if rental references are negative or if a mortgage is reported with negative ratings.

 

If you do not have rental/home ownership history, a lease may be offered with a cosigner.