Application Criteria

Rental Criteria to Process the Application

Outcome 1. Approved with standard condition

1. Credit score > 700, with at least six credit lines, with a three-year revolving history
2. No criminal and rental history red flag (except for the City of Seattle because we cannot run criminal background checks)
3. Good landlord reference
4. Stable and income more than 3 times the rent using the Income Verification Policy

Outcome 2. Approved with Special Condition - higher deposit (double deposit except the City of Seattle, Redmond, Kirkland, we will ask for last month's rent) or co-signer

1. Credit score 600-699
2. Bankruptcy happened at least 5 years ago
3. Light criminal or rental history red flag (except for the City of Seattle because we cannot run criminal background checks)
4. Income is less than 3 times of the rent but more than 2 times of the rent using the Income Verification Policy
5. Note that in the City of Seattle, we need to offer a 6-month payment plan for the deposit and last month's rent
6. Special case:
1. If the income falls on one applicant, the other applicant has no income source, and the credit of the main applicant is good (above 700), but the other applicant does not have income and has a lower than 600 credit score but NO OTHER items in Reject category (No eviction, no owing to previous PM, no bad landlord reference), the application will fall into this category with higher deposit or last month rent.

Outcome 3. Reject (Any of the 2-5 items will reject an application, more security deposit nor co-signer will change the situation)

1. Credit score <600
1. We may make exception for this
1. if the collection of late payment is related to medical or education expense
2. if there is a mistake or correction of the credit report
3. if the pod leader approve it with strong reasons
2. We also need to do the following if we make exception for this
1. We will by default ask for co-signer, not double deposit
2. We will call the past rental reference
3. We will check the past and past rental reference too
2. Eviction history
3. Owing to the previous property management company
4. Bad past landlord reference - owing money, more than 2 NSF in one year, or creating lots of troubles
5. Serious criminal (except for the City of Seattle because we cannot run criminal background checks)

Please note that we cannot do a criminal background check in the City of Seattle.

Q&A on Application Criteria

1. The applicant is new to the country and has no established credit but can provide supporting paperwork. What should we do? Answer: we will treat it like the second category. The additional condition is that we will ask for 3 times the rent as a deposit while verifying the rent payment ability (normally from bank statement).
2. Do we consider the applicant's debt obligation when calculating the total income? Answer: we do not deduct the debt from the monthly income when we qualify whether the total income is 3 times of the rent. For example, if the total gross income is $9000 with a $3000 monthly debt obligation, and the rent is $2000, we will just qualify the applicant, since income is $9000 and rent is $3000.

Rental Criteria We Shared with the Applicants

Employment History/Income: For consideration, your income must be three times of monthly rent, and you must supply a copy of your two most recent pay stubs, and/or copies of government, pension, or valid program funding. If self-employed, you must provide copies of the last two year’s tax returns and 6-month worth of bank statements. You must have a job secured in Washington and provide a hire letter if you don't have 2 recent pay stubs. If you plan to work remotely for a company that is outside of Washington please provide a letter from your employer stating you can work from Washington remotely and what your income will be. If you get tips or commission you will need to have been with your current employer for 2 years and provide at least one W-2 and your last 6 months of pay stubs or a co-signer will be required.

Credit Requirements: We require our tenants to have their credit in good standing. You must sign and authorize a credit and criminal report (no criminal check in the city of Seattle).

Credit must be in good standing. Applicants may not be accepted for the following derogatory credit records:
1. More than 2 delinquent payments over the last 2 years
2. Accounts that are in collection or any unpaid debts
3. Bankruptcies that are still in process, or are not at least 7 years since discharge
4. Evictions/and or money owed to previous apartment or landlord within the last 7 years
5. Less than 3 year of verifiable credit and less than 6 of revolving credit lines
6. Minimum credit score of 700

Any applicants who meet all other parts of the applicant screening process, but do not meet the credit requirements, may be accepted if signing with a cosigner or increase refundable security deposit (except Kirkland, Redmond, and Seattle we will ask for last month's rent up front).

If applicants don't meet the income requirements you will need a co-signer. We don't accept higher deposits or last month's rent for applicants who don't meet the income requirements.

Cosigner criteria include:
1. Must reside in the United States
2. Must own property or show a positive rental history
3. Must meet the cosigner income requirement of income 4 times the monthly rent
4. Credit score of over 700 with 3 years of on-time payments and 7 revolving accounts.

Landlord References: Each rental applicant must be able to demonstrate a pattern of meeting their rental obligations, leaving prior rental properties in good condition, and not having a pattern of complaints from neighbors. Applicants can have no prior evictions and must have verifiable references for positive rental or mortgage history over the last 12 months. Please note that you must provide contact information for the previous landlord and that the previous landlord must take or return screening calls within 72 hours of the application submission, or we will move on to the next application.

Criminal History: Criminal history may be considered on a case-by-case basis, with factors including the nature of the offense, how time has passed, and whether or not the individual is appropriately rehabilitated and does not pose a risk to persons or property.

Pet Policy: If you intend to have a pet on the property you must first obtain permission from the property owner. If permitted by the property owner, pets are allowed provided that prior permission has been obtained, and all required documents have been signed by both parties. All pets must be properly licensed if required by city or county law and you must provide a record of current immunizations. There is usually an additional pet deposit and a monthly pet rent after the owner approves the pet.

Made with ❤️in Kenmore. Learn more about GPS Renting here