SCREENING CRITERIA
First Rent Property Management does not discriminate based on race, color, religion, marital status, national origin, sex, sexual orientation, familial status, disability, source of income, age, ancestry, citizenship, gender identity and gender expression, genetic information, immigration status, primary language, and any other arbitrary basis (for example, Occupation or Veteran Status). We comply with all federal, state, and local laws concerning Fair Housing.
The application is for possession or responsibility of rent within two weeks of the rental property being in a rent-ready condition or your application being approved.
Screening Process
1. Applicants must meet our guideline requirements.
2. Screening includes credit history and score, rental references, employment verification, and a nationwide criminal background check.
3. This process may take one to five business days, and times vary based on the availability of the listed references. First Rent will send the screening results to the email address found on your application. Please refer to the Denial Policy below if we do not approve your application.
4. If multiple equally qualified applications are received, the first application submitted meeting our criteria will have the first option. See the Rental Application Guidelines below for more specific information on the application process.
General Requirements
1. Applicants must view the exterior and interior of the property or sign a Sight Unseen agreement upon applying.
2. Each applicant—18 years of age or older—must complete a separate application and pay a non-refundable application fee of $49.00 per individual.
3. First Rent requires a holding deposit equal to one-half of one month's rent or the security deposit within 48 hours of approval.
*Holding deposits are non-refundable if an applicant no longer wishes to lease the property.
4. The security deposit and first month's rent must be paid with certified funds: cashier's check or money order. These funds can be deposited at any Wells Fargo branch. Tenants can also wire transfer funds for a fee.
5. First Rent will secure the property in the approved applicant's name when a lease agreement is signed and the deposit is received. The holding deposit will become a part of the tenant's refundable security deposit after possession of the property has been accepted. Tenants must purchase a personal "HO-4 Renters Insurance" policy listing both First Rent Property Management and the property owner as "additional insured."
Rental Requirements
1. One year of verifiable rental or mortgage history from a current (non-family) third party is required.
2. Eviction-free rental history is required.
3. First Rent will deny rental history reflecting past due rent or an outstanding balance.
4. The application will be denied if a listed landlord gives a negative reference or refuses to participate.
5. Three (3) or more 72-hour notices within one year will result in a denial.
6. Three (3) or more NSF checks within one year will result in a denial.
7. Three (3) or more late payments within one year will result in a denial.
8. Rental history demonstrating noise or other documented complaints will be denied when the landlord would not re-rent.
9. Applicant must give proper notice to vacate to the previous landlord.
Income Requirements
1. Gross monthly household income must equal or exceed three times the stated monthly rent.
2. Monthly obligations must not exceed 80% of income.
3. Proof of at least one year of employment immediately preceding the application date.
4. The following are acceptable proof of income:
- Currently employed: copies of 3 most recent monthly pay stubs
- Newly hired / job transfer: a letter of hire and salary from the employer is required.
- Self-employed: a copy of last year's IRS Tax Return, which includes Schedule C, and a copy of the current Profit and Loss Statement.
- Other income: legal documents such as court orders for child support or government documents verifying social security or welfare.
Credit Requirements
All information on the credit report is subject to verification, including previous address and place of employment. Some items we review are:
- Late payments;
- Tax liens;
- Charge-offs;
- Repossessions;
- Judgments;
- Discharged bankruptcies.
Any applicant with open bankruptcy will automatically be denied, except for poor credit caused by medical expenses. A FICO score under 700 will require an additional deposit.
Credit Score Policy: FICO scores determine the applicant's creditworthiness. Approval or denial of credit history is based on the following criteria*:
- Good Credit: 700 + approval at the advertised deposit amount
- Acceptable Credit: 671 - 699 approval at advertised deposit amount plus an additional 1/2 month's deposit.
- Marginal Credit: 650 - 670 approval at advertised deposit amount plus an additional deposit equal to 1 month's rent
- Unacceptable Credit: < 650 applications will be denied
*First Rent reserves the right to consider exceptions to the credit score policy in cases of medical bankruptcy and extraordinary circumstances. For property-specific minimum credit score requirements, refer to the rental listing ad.
Criminal
The application will be denied for any felony conviction within less than five years from release. Felony convictions can cause denial; however, per Federal regulations, drug and alcohol use felonies can be waived with proper documentation. Regardless of conviction date, no applicant with a felony conviction for an act of violence, sex crime, or illegal manufacturing or distribution of drugs will be accepted.
Denial Policy
1. If your application is denied due to adverse information being reported, you should contact:
Credit Information TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19022-2000
800-916-8800
2. If application denial is credit-related, contact the credit reporting agency listed on the denial letter to identify who reports unfavorable information. Request a correction if the information being reported is incorrect.
Disabled Accessibility Statement
First Rent allows modifications to existing premises at the complete expense of the disabled person if the premises are restored (per Fair Housing guidelines) to the pre-modified condition at their own cost. We require:
- Tenant to seek the landlord's written approval before making the modifications;
- Tenant will make reasonable assurances (in writing) of the performance of the work skillfully;
- Proper details regarding the extent of the work to be done;
- Names of the qualified contractors that the tenant will use;
- Appropriate building permits and the required licenses must be made available for inspection by the landlord;
- A deposit for the restoration may be necessary.
Pet Policies
Suppose pets are negotiable at the subject property. In that case, tenants must sign a separate "Pet Lease Addendum" containing our pet restriction. If your application is approved, you must pay an additional deposit refundable after the tenancy. First Rent may also charge a monthly pet rent premium for multiple approved pets.
Rental Application Guidelines
Understanding and agreeing to the above, we require each adult to provide the following information to begin the application process:
1. APPLICATION FOR RENTAL - Applicant must complete this application form, signed and dated.
2. PAY STUBS - Submit copies of your three most recent pay stubs.
3. W-2 or TAX RETURNS - Attach a copy of the last two year's W-2 or Federal Income Tax Returns.
4. BANK STATEMENT - Submit copies of your two most recent month's personal and business bank statements.
5. IDENTIFICATION - submit two forms of identification (each adult). One must be photo identification.
First Rent will notify you when you should submit any supporting documents. Failure to provide any requested information would deem the application incomplete and, therefore, rejected. Application fees are non-refundable on rejected or incomplete applications. Applications are processed by:
Credit Information TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19022-2000
800-916-8800
CalDRE License #01928755