TENANCY CRITERIA

Windermere Property Management   North Sound utilizes a discerning set of policies and procedures as minimum applicant screening requirements. When an applicant does not fall within our minimum screening requirements, they may be approved on a conditional basis with permission from the homeowner. Such conditions may include an increased rental rate, additional pre-paid rent, or deposits, and/or a co-signer/guarantor.


Screening report will be reviewed for false information and/or omission of material fact.  All persons over the age of 18 are required to submit an application and need to provide:

  • Government Issued ID
  • Proof of adequate income - Most recent check stub w/ year-to-date earnings

If Self Employed – Tax Returns for last two years

If Retired – Copies of Deposit slips, Investment Earnings documentation, Social Security

earnings documentation, Bank deposit history

  • Additional Income – Documents proving spousal/child support, trust funds, bank deposit history, etc.


CREDIT HISTORY



  • Applicants must have at least two accounts on their credit report which have been open for at least two years and which have been paid on time.
  • No more than two late payments allowed (greater than 30 days past due) on any installment loan or credit card within the past year.
  • There must not be a bankruptcy within the past two years and new credit must have been established since any bankruptcy (at least one installment loan or credit card) and have been paid as agreed for at least 12 months.
  • There must be no unpaid judgments or collection accounts and not more than two paid judgments or collection accounts within the preceding 24 months except that special consideration may be granted at Owners sole discretion for small medical judgments or slow payments on student loans if it is determined that there are enough other favorable credit references to outweigh these.
  • Each applicant must have a credit score, as determined by a mortgage model inquiry, of 750 or greater. Married applicants may use an average of each spouse’s score provided that neither spouse has a score below 650.


INCOME REQUIREMENTS


  • Monthly income must be three times rent amount.
  • Monthly obligations must not exceed 80% of the income.
  • Must have a minimum of one year with current employer at substantially the same income now earning, or a minimum of three years in the same field with substantially the same income level and no more than two employers within the past three years.
  • Self-employed applicants or those who receive more than 25% of their income in the form of commission must demonstrate substantially the same income for the past two years and may be required to submit a certified copy of most recent tax return and/or bank statements for the past two years. Only income stated on the tax return may be used for qualifying.
  • Military members must submit a Leave & Earnings Statement.
  • Full-time students who fail to meet the minimum employment requirements will require a guarantor. However, this requirement may be waived if the applicant has obtained a masters or advanced degree or holds a professional designation and has full-time employment at the time of application.
  • Unemployed applicants must provide proof of sufficient income to qualify for the rental property, and reasonable certainty that such income is likely to continue for the entire lease term.


RESIDENTIAL HISTORY


  • Applicants must have a minimum of three years of rental or mortgage history within the five years immediately preceding the rental application.
  • Proposed rent must be no more than 25% greater than the applicant’s prior rent or mortgage payment.
  • Credit search must contain no derogatory rental information, judgments, or collection accounts from a former landlord within the preceding five years whether paid or unpaid.
  • Not more than one late rent payment in the past two years is allowed and it must not have been more than fifteen days late.
  • Rental references must indicate that all the terms of prior lease were met including proper notice to vacate.



REFERENCES / OTHER


  • No criminal history, civil actions or prior evictions allowed.
  • Any previous landlord must be verified, and a favorable reference given.
  • Pets allowed on a case-by-case basis with additional pet deposit and only when advertised as such.
  • Applicants must be 18 years of age or older and must submit a separate application.
  • Approved tenant(s) must be willing to take possession and begin paying rent for the property no more than 15 days after approval notice.
  • The lease term is a minimum of 12 months unless the property has been listed as being available for a shorter term.
  • Military members may not sign a lease for a term longer than their current enlistment term or the length of time remaining at their current duty station.


WE DO NOT ACCEPT REUSABLE TENANT SCREENING REPORTS.


APPLICATION FILES WILL BE CLOSED IF WE DO NOT RECEIVE ALL NECESSARY INFORMATION

WITHIN ONE WEEK OF SUBMISSION.


FREQUENTLY ASKED QUESTIONS

  • Are screening/application fees refundable?

    No. Because of this, all terms & information should be verified before submitting an application. 

  • Who is required to submit an application?

    Anyone over the age of 18 is required to submit an application and pay a fee. The screening/application fees are non-refundable however an application is good for 30 days for any property within Windermere Property Management | North Sound. The screening/application fee is $50 per application and must be paid on-line when the application is submitted. 

  • What is a co-signer?

    A co-signer is a party with an established, positive financial history who agrees to back up one or more tenants on the lease. They function as a safety net for the landlord. If the other people named in the lease can't make rent or cause damage they can't afford to repair, the co-signer has agreed to pay instead.


  • Are co-signers allowed?

    Some owners agree to consider co-signers, while other owners don’t. Since there are no laws that require acceptance of a co-signer, each individual owner may make the call. 

    The co-signer must pass a background check and meet the required credit score to qualify, but all applicants should verify the property will consider a co-signer before applying.  

  • Do you accept housing vouchers such as Section 8?

    Yes. We accept all forms of legally verifiable income including Section 8 and other state or federal housing vouchers.

    All our requirements still apply with the only difference being that the 3 times the rent requirement is based on the portion of rent that the tenant is responsible for paying as opposed to the total rent of the property.

  • What do I do if a repair or maintenance is needed?

    Please submit a maintenance request through your tenant portal. Be specific and provide as much information as possible. It is very helpful to include photos of the issue if available. 

  • Will access to the property be needed during my tenancy?

    Yes. We conduct periodic site visits to all properties. An exterior visit occurs tri-annually while an interior site visit occurs prior to all lease renewals. 

    These visits are not meant to discover all maintenance issues, nor are they meant to be an invasion of privacy. Instead, these visits are designed to ensure that the unit is in good condition, and to address concerns that you may have. 

    You can expect advance notification of the timing of any site visit in accordance with the law. 

  • Is there a penalty if I vacate prior to the lease expiration?

    If you vacate prior to the expiration of the term, you are still obligated for the rental payments for the remainder of the term, or until the property has been re-rented, whichever is less. You are also liable for the actual cost incurred to re-rent the property, including all utility charges, re-keying, and yard maintenance (If payment of these services is your responsibility) In addition, you will be liable for a lease break fee which is typically the equivalent of half a month’s rent but does vary by property.