Tenant Application Information
The Foundation Group is the exclusive agent and representative of the property owner and does not, in any respect, have any fiduciary or agency responsibilities to the applicant. We do business in accordance with the Federal Fair Housing law, all federal, state and local laws are followed, and each application is processed without regard to the race, color, religion, sex, handicap, familial status, sexual orientation, national origin or any other protected class of the applicant. Our staff of professionals are regularly trained and educated on the latest local, state and federal statutes pertaining to rental regulations.
GENERAL: Applicants must meet the minimum requirements set forth in this document. Each prospective occupant 18 years of age and older must complete an application and pay the application fee of $40 (each), which is non-refundable. The Foundation Group does not accept comprehensive reusable tenant screening reports. The Foundation Group will not accept applications until after the applicant or an agent for the applicant has physically inspected the interior of the premises to be leased.
COMPLETE APPLICATION: Once you have toured the inside of the property, an application will be considered complete for processing when all of the following have been received by The Foundation Group: (1) a completed application with payment for each prospective tenant or occupant over the age of 18; (2) a copy of each applicants’ driver’s license or other government-issued photo ID; AND (3) verification of income/employment (either with paystubs or telephone verification).
PROCESSING: Applications are processed in the order received. Processing will normally be completed within 1-2 business days; however, it may take longer if complications arise such as difficulties contacting past landlords or employers. All information on the application is subject to verification. Applications may be denied if information is false or not verifiable. In the event that additional information is needed to process your application, you will be notified of what we need and have 24 hours to provide that information to The Foundation Group or the screening company. If the information is not provided on time, the application may be rejected or considered incomplete.
If Application is Approved: Once approved, you will be notified by phone or e-mail, and we will schedule a lease signing appointment. Each adult applicant must review and sign the lease, and provide the advertised security deposit within 24 hours from approval, unless otherwise agreed upon in writing. The offer to lease will be considered rejected by the applicant if the lease is not signed and fees are not paid as required.
If Application is Conditionally Approved: If minimum criteria are not met, but there are mitigating circumstances, you may be approved with certain conditions attached such as an increased security deposit, payable at lease signing, up to the maximum allowed by law. Once you have been notified of approval condition, you will have 24 hours (unless otherwise agreed upon in writing) to accept the conditions.
If Application is Denied: You will receive an adverse action letter that will advise you of how to contact the screening company to discuss the results of your screening report.
PET POLICY: If the property owner agrees to allow a pet, the applicant will pay an additional security deposit as listed in the online rental advertisement. Verifiable disability-related assistance animals are exempt from this pet policy.
Due to insurance costs and limitations, The Foundation Group does not allow the following breeds in any of our properties: 1. Pit Bulls, 2. Rottweilers, 3. Chow Chows, 4. Doberman Pinchers, 5. German Shepherds, 6. American Staffordshire Terriers, 7. Wild dogs such as Coyotes, Wolves, and Dingoes, 8. Any dog that has any of the above breeds in their lineage.
In addition, no dogs under 12 months of age will be accepted.
SECURITY DEPOSIT: The security deposit amount varies from property to property and must be paid at the time of lease signing. The amount of the required Security Deposit is listed on the online rental listing.
MOVE-IN FUNDS: Move-in funds typically consist of Security Deposits, the first full month’s rent or any prorated portion of a partial month, unless otherwise agreed. Payment in full must be made at lease signing in the form of a Cashier’s Check or Money Order, unless otherwise agreed.
CONDITION: Just prior to your move-in date, a condition report will be completed noting the existing condition of the property. Waterbeds and any tank over 10 gallons will not be permitted in the buildings. All buildings are non-smoking buildings and smoking of any kind is not permitted on or around the premises.
MINIMUM SCREENING CRITERIA
- A minimum of 12 months of verifiable residence history from a third-party landlord is required. First time renters with no established credit may be conditionally approved requiring a double security deposit. A rental history demonstrating residency, but not by a third party may require a double security deposit.
- A rental payment history showing 4 or more late rent payments in a 12-month period will result in denial. Two or three late payments in a 12-month period will result in conditional approval requiring a double security deposit.
- Any Unlawful Detainer or Eviction may result in denial. A rental history indicating past due amounts of rent or an unsatisfied money judgment to a previous or current landlord will result in denial. Any unlawful detainer or eviction over 3 years old, which has been paid, may result in conditional approval requiring a double security deposit.
- A rental history reflecting significant damage to the leased premises (over $500) may result in denial.
- Rental history reflecting multiple complaints may result in application denial.
INCOME: Your application may be denied unless verifiable gross household income meets or exceeds 2.5 times the rental amount. If monthly income does not meet 2.5 times the stated monthly rent, an approved co-signer, or qualified roommate may be required.
- All income must verified and sustainable. If income is from W-2 employment, current employment must be verifiable.
- Self-employed applicants are required to provide the last 2 years of federal income tax returns and 12 months of bank statements or the last 12 months of audited financial statements.
- Section 8 vouchers or other rent subsidies are not considered income, but rather a reduction in rent and are acceptable provided all other screening criteria are met by the applicant.
- Alternative sources of income such as Social Security income, unemployment payments and child support may be considered as income.
- If a co-signer is required, the co-signer’s verifiable income shall equal to at least 4 times the stated monthly rent with all credit lines in good standing.
CREDIT: All information showing on the credit report is subject to verification, including previous address and places of employment.
- Credit accounts or trade lines must be open for a minimum of 6 months and in good standing.
- If percentage of derogatory accounts exceeds 25% application may be denied.
- Exceptions may include foreclosures, mortgages and medical debts.
- Outstanding debt to a property management company or landlord will result in denial. Applicant may be reconsidered once the debt is paid. Any judgment related to an unlawful detainer, eviction or related to a past landlord or property management company may result in automatic denial.
- Any applicant with a pending bankruptcy will be denied.
- After a discharged bankruptcy, applicant must show a minimum of 6 months of positive credit history to be considered for conditional approval. Any negative credit after a bankruptcy will result in denial.
We truly immerse ourselves in understanding the market. These reports provide a roadmap for owners, developers, and future investors to navigate the critical changes, which provide new opportunities and challenges in the market place.
The recent tax reform added two provisions that could impede first-time homebuyers. Under the new tax law, the standard deduction has doubled to $24,000 for married couples ($12,000 for individuals).