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APPLICATION APPROVAL CRITERIA


Credit

  • All applicants must have a FICO score above 524
  • No bankruptcies in the last 7 years (excluding discharges or dismissals)
  • No foreclosures in the last 2 years
  • No collections over $6,000 or collections counting more than 6 (excluding medical collections)

Criminal

  • No felonies in the last 7 years (no exclusions);
  • No misdemeanors (2+) in the last 7 years (excluding traffic violations);
  • No registered sex offenders (no time limit).

Income
All applicants must have verifiable income with a rent to income ratio below 31% (after subtracting mortgage payment, if applicable). Income for roommates shall be combined to calculate rent to income ration. Verifiable income includes the following:

  • A minimum of 2 paystubs equal to 1 month's income;
  • Signed employment offer letter on the company's letterhead;
  • Six months of bank statement showing consistent deposits;
  • Official IRS tax records for the past 2 years that includes all W2s (may only be used for a self-employed applicant);
  • Savings may be used to supplement monthly income by dividing the savings account balance by 12 months;

Rental

  • No outstanding rental collections
  • No more than 3+ late payments or NSFs in a 12 month period
  • No evictions in the last 7 years

SECURITY DEPOSIT GUIDELINES

The purpose for a security deposit is to ensure generally that any repair for damages which exceed normal wear and tear are guaranteed in the event work must be undertaken to restore the apartment to the condition in which it existed at the beginning of tenancy. The use of security deposits is a well established, fair, and proper method of offering protection to owners and managers.

Our standard security deposit is $275 up to one month's full rent. This is determined after the approval of the application(s) is completed. The amount of the security deposit is based upon Borror Properties policy and regulations, as well as the Property Manager’s discretion.

Please choose "I Agree" to continue to the application.


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