REALTY MANAGEMENT ASSOCIATES, INC., CRMC®
STATEMENT OF RENTAL POLICY
- RENTAL CRITERIA
- INCOME- Your monthly income must be at least 2 ½ times the monthly rent. Your total monthly obligations must not exceed 80% of your income. If you are a full time student we will require you to have a co-signer. If you are unemployed or retired you must provide proof of a source of income.
- RENTAL HISTORY- You must have satisfactory, unbiased rental references from at least 2 years immediately preceding the date or your application. It is your responsibility to provide us with information necessary to contact your past landlord. Your application will be denied if you have ever been evicted, sued or are in collections with previous landlords. Your application will also be denied for any reports showing significant complaints of noncompliance. Homeowners must show mortgage payment history, verification of proper maintenance and proof of ownership.
- CREDIT HISTORY- Your credit record must currently be satisfactory or incompliance with the credit score policy outlined below. Bankruptcy and foreclosure does not automatically reject your application. If your credit history shows nonpayment of any rents or leasehold obligations, we will reject your application.
- GUARANTORS- If you do not meet one or more of the above criteria, you may be able to qualify for the property if you can get a third party to guarantee your lease. The guarantor must pass the application and screening process described above, except we will deduct the guarantor’s own housing costs before applying his or her income to our income standard. Additional move-in funds equaling one month’s rent will be required on all guaranteed leases. Out of State Guarantors will require additional move-in funds equal to 1 month’s rent paid prior to approval.
- ROOMMATES- Roommates are considered for tenancy, however some restrictions apply. Each roommate individually must fully qualify based on the above criteria. At minimum, additional move-in funds equal to 1 month’s rent will be required for all roommate leases.
- CRIMINAL HISTORY- Realty Management Associates, Inc. follows the rules and regulations relating to the Fair Housing Acts. Since each applicant has differing history, only after an application is completed can a determination be made. Generally, persons on any sex offender list will be denied. Persons with convictions related to distribution and/or manufacture of controlled substances will be denied. All others go through a process; we encourage all to come in and apply.
- MOVE IN FUNDS- Advertised move-in funds are available if you have acceptable credit, meet the required income and have acceptable references. Realty Management Associates, Inc. reserves the right to require additional move-in funds if one or more of the criteria is not met.
CREDIT SCORE POLICY
In order to determine credit worthiness, the applicant’s FICO credit score will be obtained. Approval or denial of credit history will be based on the following criteria. Your credit report cannot be released to you.
Acceptable Credit: 675+ Approval at advertised move-in funds amount
Marginal Credit: 620-674 Approval at advertised deposit amount plus additional move-in funds equal to ½ month rent
Negative Credit: 575-619 Approval at advertised deposit amount plus additional move-in funds equal to 1 month rent, other conditions may apply
Unacceptable Credit: <575 Application will be denied
- Require that rent is paid on the 1st day of each month, no grace period. Additional rent is due for payments made later than the 1st day of each month, regardless of weekends and holidays.
- Require payment of all move-in funds with “certified funds” (cashier’s check, money order, official check). We do not accept cash. If occupancy begins after the 20th of the month, you will be required to pay the prorated current month rent plus the full rent due for the following month.
- Provide that serious and repeated violations of the lease requirements will result in termination of your rental agreement.
- Require you to provide Property Damage Liability Insurance naming Realty Management Associates, Inc. as loss payee.
- Require move-in funds to include non-refundable amounts deducted for carpet cleaning, re-key costs and administrative service fees.
- Require you to report any maintenance problems that occur during your tenancy. Failure to notify management can result in you being held responsible for any damages.
- Require that you properly maintain the property in good clean condition.
- Require you to change/clean furnace filter not less than every two months.
- Require you to be responsible for pest/insect control.
- Require you to prevent all household members, guests and visitors from engaging in any lease violation behavior.
- Forbid you, any member of your household or your guests from engaging in illegal drug use, sale, manufacture, distribution or other criminal activity on or near the property.
- Limit your guests to stay for long periods without the advance permission of the landlord.