Leading Edge Property Management Rental Criteria
Leading Edge Property Management does business in accordance with the Federal, State and Local Fair Housing laws and welcome Persons of all Race, Color, Disability, Religious Creed, Ancestry, Sex, Familial Status, Sexual Preference, Gender Identity, Age and National Origin. We process applications and score is on the criteria described in this policy. We select the best qualified tenant based on the highest scoring application.
Each application requires that we verify credit history, leasing history, income, and criminal reports. Factors such as your move in date, pets and your behavior and cooperation with our staff may also be considered in the application decision.
IN ORDER TO PROCESS YOUR APPLICATION, WE NEED YOU TO PROVIDE US THE FOLLOWING 4 ITEMS:
Completed application- We must have a separate completed application for anyone 18+ years old that will be living at the property. Please make sure to complete all fields as we only process fully completed applications.
A copy of a state issued photo ID. e.g. driver’s license, passport, military ID
Proof of income for all applicants- Applicants must provide verification of legal income sufficient to meet the rent to income ratio. Examples of verification include, but are not limited to, last two paycheck stubs, payroll report from employer for at least the two most recent pay periods, current proof of government income (such as Social Security, disability, welfare, etc.), proof of retirement income, liquid assets (e.g. savings/bank account, stocks), proof of spousal and/or child support, or any other legal verifiable income. Verification of more than two pay periods may be required if the income is not consistent. If the applicant is hired but has not received a pay stub yet, a written letter of hire from employer detailing wage/salary, position and start date is required.
Self-employed applicants must provide a copy of the previous year’s tax return in in Q1 or Q2 of the year. In Q3 and Q4, applicant must also provide documentation of the current year’s financial performance in addition to last year’s tax return. Gross income is calculated as total income before taxes less child/spousal support, debt service, payroll garnishments for loans, taxes, child/spousal support, etc. Tax free income is divided by .85 to account for the difference in taxed and non-taxed income such as social security, disability or state support.
$40 non-refundable screening fee per application. PLEASE NOTE, SINCE WE INCUR COSTS TO PROCESS AND SCREEN EACH APPLICATION, APPLICATION FEES ARE NON-REFUNDABLE.
You must be willing to start the lease within 10 days of applying if the property is vacant at the time of application. If property is not available until a future date, you must be willing to start a lease within 10 days of the availability date. Please check with our team if this is a concern.
A complete application package includes all four items listed above. Only fully completed application packages will be processed. An incomplete application package will not be considered. Please attach all documents to your online application.
Our application process generally takes three business days from the day you provide us a complete application and all required documents. If there are multiple applicants, it can sometimes take longer, but our goal is to get you a decision within three business days. We make no guarantee as to the time it will take to process your application. The time required varies based on the responsiveness of your landlords and employers and other business demands.
We must verify your rental references, so please make sure to provide working phone numbers for your current and previous landlords. When possible, it is a good idea to let them know we will be calling in advance. If you cannot provide contact information for your former landlords, we cannot consider that history and your application score may be affected.
There are times when a company would like to rent a property in the company name. In those instances, we will require an individual to also be on the lease as a responsible party, either as an occupant lease holder or co-signer. This may be a principal of the company or the employee who is living at the property. The person who is responsible for the lease must qualify by our conventional scoring criteria. For occupant/non-leaseholders we require a criminal background check as part of the application.
Be honest and truthful in your application and answer all questions. Any falsification of facts or withholding of information requested on the application is cause for denial. If the falsification of facts is revealed after a lease has been signed, this is a reasonable cause for eviction.
If you have not seen the property, your application may be subordinated to other applicants who have seen the property. We strongly encourage you to view the property prior to applying. If you wish to rent the property sight unseen, you must be willing to sign our Sight Unseen Addendum at the time of signing the Reservation Fee Form.
Please note, if your application is approved, Leading Edge Property Management needs a minimum of 3-4 business days to prepare the property prior to your move in.
Pets- Please check the advertisement on www.edgehomerentals.com to confirm if pets will be considered, and what the number, type and weight restrictions are. Your application may be subordinated to other applications, if other applicants do not have pets. You must submit pet applications athttps://app.petscreening.com/referral/rSUNvaWkVDys . No pets will be considered without a pet application. PetScreening.com fees apply. You MUST submit current vaccination records, photos and your tenant insurance policy number in order to have your animal considered. The information you submit to Petscreening.com will provide a score of 1 through 5 Paws. Animals meeting a minimum score of 3 out of 5, with all documents uploaded and meeting the weight and type restrictions will be approved.
APPLICATION SCORING- CONVENTIONAL
0= 700+FICO score
1= 625-699 FICO score
2= No Credit or 575-624 FICO score
3= ≤574 FICO score
*Open (non-discharged) bankruptcy is cause for automatic denial of the rental application.*
RENT/INCOME RATIO (THIS IS A HOUSEHOLD MEASUREMENT, ALL APPLICANTS’ INCOME IS COMBINED FOR SCORING)
1= Verifiable rent to income ratio is 20% and less OR assets in bank accounts and investment accounts total six times the total rent for the lease term.
2= Verifiable rent to income ratio is 27% and 21% OR assets in bank accounts and investment accounts total four and a half times the total rent for the lease term.
4= Verifiable rent to income ratio is 32%-28%
6= Verifiable rent to income ratio is 33%+
**All rent to income ratios are rounded to the nearest whole percent. Temporary or seasonal income will not be considered. Income without sufficient documentation (e.g. paystubs, statements, letter of hire) will not be considered. If applicant is starting a new job, paystubs are not necessary but a letter of hire detailing wage, start date and position will serve as the documentation.
1= No eviction record, no more than 1 late rent record in 3 years, or last 3 years of address history is in a home owned by applicant
2= With 2 late rent records in 3 years or no leasing history (with non-family or friend landlords)
3= With 3 or more late rent records
**Your application is automatically denied if you have an eviction record in the past 10 years, Negative Landlord Reference regarding property damage or outstanding balance due, Outstanding Landlord Collection or Judgement, or Mortgage is past due
Criminal history is given an individual assessment and is either considered qualified or unqualified based on those facts separate from the scoring of financial matters. In order to fully consider your criminal history, please provide any information you feel is necessary to understand the context of your convictions. Examples of information you may want to provide for consideration include the circumstances surrounding the criminal conduct, your age at the time of the conduct and evidence of rehabilitation. As we evaluate an applicant’s criminal history, special attention is paid to violent and sexual offenses. We base our decisions related to criminal history on our business concern for the safety of other residents and our staff. Only convictions are considered, arrests without conviction are not considered when evaluating an application. Convictions for the manufacture and distribution of illegal drugs (no matter how long since the conviction) will result in application denial.
≤ 6 = approved with one-month security deposit
7-8= high risk, if no more than one category is scored at highest possible score then a co-signer or higher deposit may be required to be approved. Co-signers live in the United States AND must score ≤1 on credit AND 1 on landlord history AND have verifiable gross income at least four times the rent after subtracting debt service and the amount of rent. Whether a higher deposit or co-signer (or both) is required is at the discretion of Leading Edge Property Management.
9 or higher = Declined
If you are applying with multiple people, we the average scores each of each individual to get a score for the whole application. If your application score is not a whole number, it will be rounded to the next whole number.
If you are applying with multiple people, we the average scores each of each individual to get a score for the whole application.
When choosing an applicant, we also look at move in date. Please make sure to list the earliest date you are willing to start your lease.
If we have multiple applicants who score the same, we then look at move in date, then highest FICO score, to select the best applicant.
IF YOUR APPLICATION IS DENIED
You will be contacted by our office staff and given the name and phone number of the screening company used to process your application. Leading Edge Property Management and Real Estate does not discuss the results with you. You will need to contact the screening company to find out why your application was not approved. You will be mailed an adverse action letter stating the reason for denial. If the denial was based on your credit report, you will be entitled to a free copy of your credit report from the credit bureau.