RENTAL SELECTION CRITERIA
The Ridge, Sandy Utah
Effective February, 2019
A separate rental application must be processed on all prospective residents 18 years of age or older, and an application fee paid for each applicant. A valid form of legal identification is required at the time of application and move-in. All prospective residents will be qualified on the following criteria.
CREDIT HISTORY – A credit report will be pulled using AmRent’s software. The software takes into account your FICO score and, based on your rental history, assigns you a RentWise score. A RentWise score of 803 or higher must be obtained for the approval process to continue. If applicant takes exception with the findings, he or she is responsible for contacting the credit bureau and AmRent.
INCOME – When the monthly rental amount is divided by the applicant’s verifiable source of income, that ratio must be 40% or greater. Family relationships may not be considered verifiable as a source for income verification. Applicant without verifiable income will be denied. If retired or unemployed, applicant must priovide other sources of verifiable regular monthly income (i.e. investments, trust funds, child support, alimony, etc.) that satisfy the rent to income ratio for the entire lease term.
EMPLOYMENT – When applying, it is the obligation of the applicant to profide proof of employment through a copy of the two (2) most recent pay stubs, the prior year’s W-2, a job offer letter stating the start date and salary on company letterhead; or if self-employed, the previous year’s tax return. Employer pay stubs must be printed with a company name and address. All deductions must be identified according to the state and federal laws. Students must provide documentation of full-time student status (12 credit hours). If income cannot be verified, a co-signer or additional deposit will be required.
RENTAL HISTORY – Applicants must provide at least six (6) months of verifiable rental and/or payment history within the last 2 years from a landlord, apartment community or mortgage company. Acceptable rental payment history would include no more than three (3) late payments or returned checks per year of residency. Reference information from family members or friends will not be considered.
CONDITIONAL APPROVAL – An additional deposit equal to one month’s rent or co-signer will be required if the AmRent score is between 707 and 802 or criteria from the aforementioned items have not been met, or have only been partially met. All adverse action requirements will be combined when reviewing multiple applications. In the event a co-signer is required, he/she must complete an Application for Residency and meet all of the rental selection criteria. A co-signer will be fully responsible for the Lease Agreement if the occupying resident is in default.
CRIMINAL BACKGROUND CHECK – A criminal background check obtained from AmRent will be used as part of the qualifying criteria at this community.
CORPORATE LEASES – An application can be submitted in the name of a company as long as the business entity has a valid FEIN that is verifiable by the Secretary of State. A credit report will be accessed to determine the company’s ability to make timely payments of rent. The company must provide a minimum of three (3) trade references that will be verified. A larger application fee or additional deposit may be required.
RENTAL CRITERIA – An applicant may be denied for the following reasons:
- Falsification of any information on the rental application.
- AmRent score of 706 or lower.
- Having an unresolved eviction from a previous landlord.
- Any unresolved debts to a landlord or mortgage holder.
- • Rental applicants who have criminal convictions for one or more criminal offenses including but not limited those involving violence, sexual offenses, drug-related activity, injury to persons or damage to property, homicide, battery and assault, sexual assault, possession or sale of illegal substance, burglary or theft, illegal possession or sale of weapons.
- OCCUPANCY STANDARDS – The maximum number of occupants per apartment are no more than 2 persons per bedroom.
This community does not discriminate on the basis of race, color, sex, religion, handicap, familial status, sexual orientation, gender identity, or national origin.
I/We have read the standards above and understand the criteria from which the application(s) will be approved or denied.