APPLICATION PROCESS AND TENANCY CRITERIA

Thank you for your interest in becoming a tenant in one of our managed properties. Please review the following information to help you understand our application process and tenancy criteria.

  1. Our property managers show properties, by appointment, 5 days a week between the hours of 9am and 5pm.  Weeknight and weekend showings are available per availability and by appointment.
  2. Our application form is available online at our website.
  3. In addition to your application we will need to receive proof of income, which is typically a letter of hire, or employment verification showing a minimum of  the last 30 days income.
  4. Applications are processed in the order received. An application is considered received when fully completed, signed by all parties and paid for.
  5. We use a 3rd party vendor to complete our screening reports and make recommendations on all applications.
  6. When the screening report is completed, if your application can only be approved with conditions, these conditions must be met within 24 hours in order to maintain first position for the property. After 24 hours we will start processing other applications. Thereafter, once you meet the conditions, your application will join processing behind any application currently being screened.
  7. If your application is approved, one of our property managers will contact you in order to confirm your desired move in date and discuss lease terms. The property manager will then prepare a lease agreement for you to review and electronically sign.
  8. The lease agreement must be e-signed and returned, together with the security deposit, within 48 hours in order to retain first position for the property. If the lease and deposit are not returned within 48 hours, we will continue to process other applications on the property. Thereafter, once you return the lease and security deposit, your lease will be accepted subject to any application currently being processed.
  9. All move in funds (rent, deposits and/or fees) must be paid at our website, by money order or cashier’s check.  Personal checks will be accepted starting with the second rental payment.
  10. All rental payments are due on or before the 1st business day of each month and are late if not received by the 3rd day of each month at 4 pm. This means they must be received by the due date. As Braden Property's late fee is $25 per day, after the 3rd at 4pm, it is important that your payment is received by the close of business on the due date. There are no exceptions to this policy.
  11. In order to protect their personal belongings, Braden Property encourages all tenants to carry Renter's Insurance.

GENERAL REQUIREMENTS

  1. All applicants must have a Social Security Number to apply. Applicants without Social Security numbers must show other proof of ID such as an ITIN#, work/student visa, passport etc. & will require added security or an in state cosigner.
  2. Application must be completely filled out and signed by all parties.

RENTAL CRITERIA

  1. Twelve months of verifiable residence history from a third party landlord required. Rental reference must be from within the past two years to be considered recent.
  2. With good credit score of 640 or greater, rental history demonstrating residency.
  3. Home ownership will be verified through the tax assessor’s office or credit report.
  4. Any unlawful detainer action or eviction within the past three years results in denial, unless perfect credit and current good rental references can be obtained, in which case one month’s additional security deposit will be required.
  5. Rental history showing between $50.00 and $750.00 in damage will require an additional security deposit equal to one month's rent, if the amount has been paid in full.
  6. Rental history with complaints (disturbance or other) will be denied if the previous manager would not re-rent or if there are more than two complaints.
  7. First time renters, with no established credit, will require additional security deposit equal to one months rent or an in state co-signer.

INCOME REQUIREMENTS

  1. Monthly household income must be equal to three times the monthly rent. In most cases roommates are qualified together. However, we will only allow the combining of the top three (3) separate incomes to qualify for the income requirement.
  2. Monthly household income of two and one half times the rent or better, but less than three times the monthly rent, can be approved with an additional security deposit equal to one months rent.
  3. A current paycheck stub or letter of hire, showing a minimum of the last 30 days, will be required if we are unable to verify income.
  4. Some form of verifiable income will be required for unemployed applicants.
  5. Self-employed applicants will require proof of income by tax returns and bank statements.

EMPLOYMENT REQUIREMENTS

  1. Verifiable employment is required.
  2. Self-employed individuals must be verified through tax returns and bank statements.

CREDIT CRITERIA

  1. Good credit score of a 640 or greater is required.
  2. Credit scores of a 600-639 may be considered on a case by case decision.  An additional security deposit equal to one months rent will be required.
  3. Unpaid collections (1 or more) will result in denial.
  4. After a discharged bankruptcy, applicant must show at least six months of positive established credit. Any negative credit after a discharged bankruptcy will result in denial. Rental history will be considered for established credit. Added security deposit equal to one month’s rent will be required.
  5. After a discharged bankruptcy, an applicant showing at least three years of perfect established credit may be approved without additional security. Rental history will be considered for established credit.

CRIMINAL CRITERIA

  1. Any criminal offense which has taken place within the last seven years is a consideration for denial based on the following:
    • If there is a criminal conviction and the applicant has been out of jail/prison less than five years they will be denied.
    • If the criminal offense was of a physical or violent nature against either person or property, the applicant will be denied.
    • If the criminal offense took place more than seven years ago, or if the person has been out of jail/prison more than five years and has perfect credit and rental history, they may be approved. (They may only be approved if this was a one time offense and was not of a physical or violent nature. Multiple offenders will be denied no matter what the credit and rental history shows.)

CO-SIGNER REQUIREMENTS

  1. Co-signers must be In State, or reside in Virginia, and  have good credit of a 640 or greater, and must earn five times the monthly rent.

AUTOMATIC DENIALS

  1. Rental history reflecting more than $750.00 damage will result in denial.
  2. Any current 3-day notice or unlawful detainer action or eviction will result in denial.
  3. More than four late payments or NSF checks for rent or mortgage within a 12 month period will result in denial.
  4. If unemployed and unable to verify sufficient income to pay rent, applicant will be denied.
  5. False information or a gross distortion of the truth will result in denial.
  6. Any applicant with a bankruptcy not showing as discharged is denied until shown otherwise.
  7. Any criminal activity involving selling or possession with intent to sell drugs will result in denial, unless it was a misdemeanor and only one case over 3 years old.
  8. Any criminal activity of a physical or violent nature will result in denial.
  9. An employment reference, in which the employer indicates that the employment will end and/or the income level will drop below 3 times the rent, will result in denial.
  10. Any undisclosed previous rental address will result in denial.
  11. An incomplete application will result in denial.
  12. Lack of response from the applicant for additional information after the 2nd business day will result in denial.

SUMMARY REVIEW Each area of the applicant report ( Credit, Criminal, Eviction, Rental History and Employment) will be reviewed for adverse information.  If THREE or more areas are found to have Adverse items in a report, applicant can be denied.

GOOD CREDIT Good credit means that all accounts are in good standing and paid as agreed and that total debt to income, including rent, does not exceed 66%.

FORECLOSURE/SHORT SALE Due to the housing bust of 2009/2010 an exception may be considered in the case of a home foreclosure or a short sale with documents showing that the property has been sold/short sale and Applicant has been released by the bank/mortgage co. If applicant has a Short Sale/Foreclosure and can show the release, and has perfect credit (other than mortgage payments) and can show at least 2yrs established good rental history, then applicant will be approved. If applicant has the above without at least 2yrs rental history, approval will require added security deposit or an in state co-signer.