CRTIERIA OF TENANCY
Selection of a resident is based on income, credit, and tenant history or ownership. Each applicant must qualify individually based on references and credit, while the income requirement can be met as a household. Negative findings on one or more of the three areas can cause denial of an application. Denial of one application results in the denial of all applications.
- Monthly household gross income must equal three (3) times the stated monthly rent. PPM must be able to verify all income sources and reserves the right to disqualify applicants for failure to prove income and/or supply adequate documentation.
- You are required to supply reasonable, reliable, and legal documentation on all income in either of the following forms:
- Last two paycheck stubs.
- Recent tax returns or W2.
- Award letters (i.e. alimony, SSI, child support, new employment offer letter)
- Self-employed individuals must be verified through State, or Federal tax returns.
- PPM obtains a credit report for all applicants, and does not accept copies of credit reports from applicants, no exceptions. Good credit is required. Negative credit reports can be grounds for denial of an application.
- Outstanding bad debts being reported on credit report of more than $100.00 but less than $1,000.00 may be accepted with proper explanation and proof.
- After a bankruptcy has been discharged, applicant must show six (6) months of positive established credit.
Rental History or Property Ownership
- PPM requires a minimum of two (2) years of rental history and/or proof of homeownership. Negative references can be grounds for denial of an application.
- All references must be third party and verifiable.
- PPM will make a reasonable attempt to contact references provided. PPM reserves the right to decline tenancy based on inability to contact reference provided.
Responsibility of Applicant
- It is the responsibility of the applicant to inquire from PPM about any information on the application that they do not understand.
- If notified, it is the responsibility of the applicant to accept the offer to rent by submitting a holding deposit.
- Giving false information is automatic grounds for denial.
- Three (3) or more 3-Day Notices within a 12 month period will result in denial.
- Two (2) or more NSF checks within a 12 month period will result in denial.
- Rental history reflecting any unpaid past due rent will result in denial.
- Rental history reflecting any property damage or disturbance will result in denial.
- Any collection filed by a property management company or landlord will result in denial.
- Any applicant with unlawful detainer action or eviction within the past three (3) years will be denied.
- If unable to verify the income necessary to pay rent, applicant will be denied.
- Excessive collections will result in denial.
- Outstanding debt to property management or landlord will result in denial.
- Any applicant with a bankruptcy not shown as discharged will be denied until shown otherwise.