QUALIFICATION STANDARDS (For Prospective Residents)
Fair Housing
Owner and Management (O&M) comply with Federal Fair housing Act. Both Ownership and Management do not discriminate based on race, color, religion, national origin, sex, familiar status or disability, or any other basis protected by applicable state, Federal or local fair housing laws.
Applications
All applicants for residency will be processed thru Rent Prep Inc., or other authorized 3rd party screening company that relies on the information from a credit reporting agency, state, country, or local towns determining if applicants meet the screening criteria. Each person that will occupy the apartment who is eighteen (18) years or age or older must complete an application and sign the lease. Applications are to be completed in full. Applications containing untrue, incorrect, or misleading information will be declined. Each application is evaluated with a scoring method that weighs the indicators of the future rent payment performance. The score is based on statistical analysis of prior renters’ indicators, credit scoring, and subsequent payment performance. Based on the score, we may choose to accept or decline an applicant, or seek additional requirements for approving the lease. These requirements may include an additional deposit or Guarantor among other.
NOTE: The following MUST accompany ALL applications:
• The two (2) most recent original paystubs, Leave and Earnings Statement or signed letter on company letterhead (copies to be maintained in resident file).
• A valid driver’s license, age of majority card, military ID or state issued Photo ID card (view and document only). Expired documents are not considered valid.
• All applicants in the United States on a visa must list visa number and expiration date on the Application for Residency.
• All applicants without an SSN or ITIN number must provide a valid I-94, I-94W, or I-20.
• Emancipated minors presenting court appointed documentation are eligible to qualify if they meet the noted criteria.
Credit History
• Credit reports will be run on each applicant and will be considered in the overall credit worthiness of the application. Unsatisfactory credit history can disqualify an applicant from renting an apartment home in this community. An unsatisfactory credit report is one that reflects past or current bad debts, late payments or unpaid bills, liens, judgements or bankruptcies. If an applicant is declined for poor credit history, the applicant will be given the name, address, and telephone number of the credit reporting agency that provided the report. An applicant declined for unsatisfactory credit is encouraged to obtain a copy of the credit report from the credit reporting agency.
• Ownership requires a 600 or higher credit score in order to qualify for the residence. Any applicant whose credit score falls below the required score will have the ability to provide additional information to ownership.
• Applicants who meet all other qualifying criteria but do not have credit, may be required to pay additional deposit or re-qualify with a Guarantor.
Rent/Mortgage Payment History
• Any legal proceedings /judgements /evictions/skips/ may result in a declined application.
• Outstanding rental balances at O&M Community will result in a declined application.
Employment History
• Employment must be verified. In the case of employment, applicant must present a signed offer letter on company letterhead stating income. Employment must commence within thirty (30) days of the lease start date.
• Self-employed applicants must provide the most current annual tax return, including all appropriate schedules (submission of 1099’s only is not sufficient) or a notarized statement from a Certified Public Accountant or an attorney indicating the amount of anticipated annual income.
Income Requirements
• Gross monthly household income must be at least 3 times the monthly rent to qualify. For savings to be considered in lieu of income, applicant may provide a savings statement showing proof of at least (3) times the annual rent.
• Official documentation must be submitted to support the following, and any other, sources of additional income you wish to consider.
» Investment account
» Dividends
» Child Support
» Interest
» Rental Assistance
» Retirement
» Income/Savings
» Military Housing Allowance
» Trust Fund Income
» Alimony
Criminal History
Ownership and Management, (Bridgewater Court Apartments) comply with NJ S.B. 250 / A.B 1919 (2020), KNOWN AS THE Fair Chance in Housing Act (the “Act”). Criminal backgrounds checks are never conducted until applicants first pass the credit and income requirements as set forth in this qualification document. After passing the applicant will be offered a lease term sheet, if accepted a criminal background and eviction report will commence.
Guarantors/ Increased Security Deposits
• Guarantors must be permitted based on the screening recommendation. Guarantors’ gross annual income or savings must be at least 5 times the annualized rent to qualify as a Guarantor. Guarantors must meet all other qualification standards listed.
• Guarantor’s primary residence must be in the United States and they must have a valid Social Security Number.
• Increased security deposits may be permitted based on score.
Roommates
Each resident is jointly and severally (fully) responsible for the entire rental payment as well as all community rules and policies. Management will not refund any part of security deposit until the apartment is vacated by all leaseholders.
Affordable Housing Program/Below Market Rent Program
Applicants for the Affordable Housing Program/Below Market Rent Program (if applicable at this community) must be qualified based on the governments authority’s income classifications. The income ranges are derived from maximum low / moderate income. Please reference the Affordable Housing Rent/Income Guidelines to determine eligibility. Affordable Housing Program/Below Market Rent Program guidelines supersede these Qualification Standards as it is related to income, however, all other qualifications still apply.
Occupancy Guidelines
Occupancy Guidelines are governed by State, City, and local ordinances. In the absence of any more stringent requirements by the aforementioned agencies, the standard occupancy guidelines will be a maximum of two (2) residents per bedroom. Residents under the age of eighteen (18) months will not be considered in the occupancy guidelines. This does, however, require the input of local jurisdiction. An occupant will be considered a resident and must complete an application, meet all qualify criteria and be listed on the lease agreement if they reside at the premises more the 50% of the time.
NOTE: Lofts, dens, and sitting rooms are not considered bedrooms.