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rental criteria

Sherman Residential supports the Federal Fair Housing Act, as amended, and local law, prohibiting discrimination in rental housing based on race, color, religion, sex, national origin, disability, familial status, or because of one’s presence in any other protected class.

Based upon this commitment, a rental application must be processed for all prospective residents 18 years of age or older, and a non-refundable application fee must be submitted for each applicant. Married couples are responsible for separate application fees. Roommates and lease guarantors require their own applications and application fees, however rental history, proof of income, and credit history will be considered and reviewed jointly.

Sherman Residential requires a valid government-issued photo ID from all adults desiring to view an apartment and/or submit an application for residency. All applicants must be at least 18 years of age as of the date the application is submitted.

ALL APPLICANTS WILL BE APPROVED ON THE FOLLOWING BASIS:

 
Availability:

Based on the availability of vacant and/or on-notice apartments

Rental Application:

Each applicant who is 18 years or older shall complete his/her own rental application without omissions or falsifications. All persons over the age of 18 must be leaseholders. All heads of households must be 18 years of age unless familial status applies. A non-refundable fee is required for each application. No changes and/or alterations are allowed to the original application and prospect guest card regarding source of referral once the application has been received.

Income:

Verifiable gross monthly income for all applicants shall be a minimum of THREE (3) times the monthly effective rent. Income is verified by reviewing each applicant’s two most recent paycheck stubs or initial offer letter for employment on company letterhead. Non-employment income (scholarship, child support, alimony, trust funds, etc.) requires written documentation for acceptance as verifiable income. Self-employed applicants must present the previous TWO (2) years’ federal tax returns AND the previous month’s bank statement showing income deposits greater than three times the effective rent per month. Unemployed applicants must present a current bank statement showing available funds for the entire lease term cost as a statement of month-ending balance.

Employment and Lease Guarantor:

All applicants must have verifiable employment or a verifiable source of income. Applicants with no verifiable income will require an additional lease guarantor whose income requirement shall be a minimum of FIVE (5) times the monthly effective rent. All other requirements of the Statement of Rental Policy will be applicable to the lease guarantor.

Credit and Criminal Background:

All applicants will be processed through RentGrow for credit and criminal history background information. The results of this process, along with other stated rental criteria, will be the determining factor in accepting or declining applicants. Applicant(s) may be subject to additional deposits based on the RentGrow results.

Maximum Occupancy:

Occupancy guidelines are based on the size and characteristics of each floor plan and may vary by floor plan. Generally, occupancy limits are two persons per bedroom, except for children born during the lease period.

Rental History:

All applicants are subject to rental history verification from the previous two (2) years. Acceptable rental/payment history would include no more than 2 late payments and/or returned checks per year of residency. Applicants with current outstanding balances and/or judgments related to housing will be declined for residency. Additionally, any breach of a lease agreement is grounds for disapproval unless documentation of proven negligence by the management and/or owners of the property is provided. Breach of lease is defined as any monetary or non-monetary violation of the lease agreement.

General Policies:

1. In the event that any requirements contained within this document are in conflict with any local, state, or federal rules or law, the appropriate local, state, or federal rules or law prevails.

2. RENTAL APPLICATION FEES ARE NON-REFUNDABLE, regardless of the circumstances. Applicants are required to review the Statement of Rental Policies for Initial Rental Agreements carefully before submitting an application.