Application Process & Screening Criteria: ALG Property Management is committed to equal-opportunity housing, and we fully comply with the Federal Fair Housing Act (FFHA). We do not discriminate against persons because of race, color, religion, sex, handicap, familial status, national origin or age. We also comply with all state and local-fair-housing laws. We offer application forms to everyone who requests one. Each occupant over the age of 18 must complete an application and pay the $65.00 application fee. Approval is based on SIX factors:
- Credit History
- Employment Verification and History
- Income Verification
- Rental Verification and History
- Criminal Background Check/Terrorist Database Search
- Pet Criteria
We currently do not participate in the Section 8 program. We do not rent to applicants who have been evicted from any tenancy. Any applicants who provide false or misleading information will be declined.
A credit report will be obtained for all prospective occupants age 18 or older. Copies of credit reports provided by applicants will not be accepted. Credit reports on all applicants must meet the following criteria:
1. Applicants with no credit history will be declined if the rental property exceeds $1,000 per month. Special consideration may be given to co-applicants with no credit history if other co-applicants have excellent credit history.
2. There must be at least 2 or more satisfactory accounts for each account that was paid late. The term “satisfactory account” is defined as a credit account that has no late payments.
3. If applicant has any unpaid collection accounts (excluding collection accounts for medical bills), the application will be declined. Charge off accounts will be viewed exactly like collection accounts.
4. If applicant has filed for bankruptcy within the past 3 years, the application will be declined. If the bankruptcy was filed more than 3 years ago, all credit history prior to the bankruptcy will be ignored if the applicant has established at least 4 satisfactory accounts since bankruptcy and the property owner consents to ignore the bankruptcy.
5. Applicant must not have any unpaid judgments or unpaid liens.
6. Total revolving debt balances must not exceed 40% of gross annual income.
Credit history must show that the resident has paid bills on time and does not have a history of debt write-offs or accounts that have gone into collection. Residency may be denied due to poor credit history. Contingent on your credit score, an additional Security Deposit will be required. All lease holder’s credit scores are averaged. See below:
Credit Score below 500 will be declined
Credit Score 500-600: Additional $500 Security Deposit will be required due to Credit Score.
Credit Score 600 or above: No additional Security Deposit will be required due to Credit Score.
Co-signers are eligible to help increase your credit score if needed. Qualified co-signer’s Credit Score must have a minimum of 700 or higher.
Employment Verification and History: We require verifiable employment history for at least the past three (3) years. If you are self-employed, retired, or not employed, we can accept such documents as signed tax returns (2 years minimum), bank statements, etc. that provide proof of applicant’s ability to pay the rent. If military, we need a current copy of your LES. If you are active-duty military, you must be on an assignment that, to the best of your knowledge, will allow you to complete an initial 12-month lease
Total gross income of all adult occupants must be at least equal to 3 times the amount of rent. If the applicant’s income falls short by no more than 10% of the required amount, each applicant’s credit report must show no negative credit history and no late payments. Should the income fall short by more than 10% of the required amount, the application will be declined. Income must be consistent for at least 2 years to be counted. Income that is consistent for less than 2 years will be counted only if the applicant’s credit report has no negative credit history and no late payments. Applicants who are self-employed must submit a current tax return or profit & loss statement. All income is subject to verification.
Each applicant must have 2 years of verifiable rental history. References from family members will not be considered. Landlord references must indicate that:
1. Rent was consistently paid on time.
2. Applicants took proper care of the property and landscaping (if applicable).
3. All rules and regulations of the tenancy were followed.
4. No unauthorized persons or pets stayed at the property.
If the applicant has less than 2 years the applicant’s credit report must show no negative credit history and no late payments. If the applicant has less than 2 years rental history, the rental property must not exceed $1,000 per month. Special consideration may be given to applicants who have established excellent credit history, or to applicants without rental history because of owning a property that was used as their place of residence, providing that punctual mortgage payments can be verified on the applicant’s credit report (any short sale or loan modification must be approved by the property owner).
Criminal Background Check/Terrorist Database Search:
Residency may be denied due to criminal history. (Most felonies may exclude an individual from approval.)