RENTAL QUALIFICATION STANDARDS FOR APPLICANT(S)

We are an Equal Housing Opportunity Provider and we abide by all federal, state and local fair housing laws. Management provides equal housing opportunity for qualified applicants and does not discriminate based on race, color, religion, sex, national origin, disability, familial status, or any other legal recognized status in the state of application.

Applications for Lofts will be accepted as a first-come, first-served basis. A Rental Application must be completed by all prospective residents 18 years of age or older. Approval for rental cannot be made until a completed application has been received and the full application screening process is complete.

Income Requirements

Applicant(s) must be able to provide proof of income that is legal, verifiable and paid directly to the applicant(s) or the applicant’s representative. A combined gross income of three (3) times the rent is required. For applicants, proof of income provided will be viewed as the household income.

• Acceptable proof of income
  • Currently Employed Applicants- Must provide three (3) most recent pay stubs (within the last 60 days) or verifiable bank statements showing direct
  • Applicants with new positions- Must provide a signed offer letter on the letterhead of the company offering the position.
  • Self Employed Applicants- Must provide other sources of verifiable income or the most recent company tax income return of which the income will be based on Gross

Other acceptable types of income would include: bank statements (reflecting coverage of 3x the lease amount), 1099’s, proof of government payments, student loans and court orders for child or spousal support, etc.

Credit/Residency History

Sierra Property Management reserves the right to use a third-party screening company. A full credit screening will be completed for each applicant. The history will be reviewed for evictions, late payments,  open bankruptcies, foreclosures, collections and judgements. A rental verification will be sent to  Outstanding balances due to another rental property, evictions within the last 7 years, and open bankruptcies will result in an automatic denial of the rental application.

Criminal Background Screening

A criminal background check will  be completed on anyone over the age of 18 who desires to reside at the property. Depending on the nature of the crime and the period since it took place could determine the approval or denial of application for rental.

 

Any felony convictions or misdemeanors for theft of property, violence, drug violations, injury to persons, damage to property and sexual offenses will result in an automatic denial of rental application.

Guarantors

Applicants who are unable to meet the minimum income requirements may obtain a Guarantor. Applicants with poor credit history that could result in a denial cannot be qualified with a Guarantor. Each applicant must meet the credit history standards. Guarantors will be held financially responsible for all outstanding debt in the event the Leaseholder defaults in financial responsibility.

• Guarantors must complete an
• Guarantors must meet the credit
• Guarantors must meet the income requirements of five (5) times the rental
• Guarantors are required to sign a Guarantor Addendum as an extension of the Lease

Application/Reservation Fee

A non-refundable Application Fee is required to apply for a rental.

A non-refundable Reservation Fee is required to hold a Loft. If Loft is held for more than 72 hours,  applicant withdraws application or applicant does not provide required information to qualify, Applicant forfeits Reservation Fees.

If Managements rejects the application, the Reservation Fee will be refunded. Reservation Fee will be refunded as a paper check within 30 days of rejection or cancellation within 72 hours of applying. A forwarding address must be provided at the time of rejection or cancellation. If the address is not provided, the check will be mailed to the current address notated on the application. If an incorrect forwarding address is provided, or applicant changes their address and another check is requested, a stop payment fee will be deducted from the check amount.

Additional screening required due to locked credit or incorrect information provided will result in additional Application Fees.

Security Deposit

A Security Deposit is required for each loft rental. The approval for rental will determine the Security Deposit amount. If Management rejects the application, the Security Deposit will be refunded. Management may require additional payment upon move out for damages, utilities and outstanding rental payments for which the Security Deposit may not fully cover, if such charges are warranted.

 

The undersigned hereby authorizes the release without liability of information regarding background, employment, income, rental history for purposes of verifying information on my/our apartment rental application.

Failure to meet above criteria, failure to provide requested information or verification on any information and/or falsification on any information on the rental application, or incomplete applications including unsigned rental application will result in denial of the rental application. By signing this document, you are acknowledging that you agree with and have read all terms.