Milmar Custom Property Management Rental Criteria
Information you need
Below is a list of our rental criteria and general process. We accept all applications on a first come, first served basis. We process applications in the order in which they are received, not in the order of property showings and/or any other communication to our office. By no means does your participation in the application process secure your placement in the vacancy. It is simply the first step in a multi step process in our vacancy fulfillment procedure.
Credit/ Background Checks
All applications are accessed through our website where prospective tenants are able to complete our online form. All persons 18 years and older residing in the residence are required to submit their own application. During this process the application will confirm/verify your employment, rental, criminal, credit history using an in-house process or possibly an outside agency if applicable to locate this information. Incomplete applications will not be processed.
- An application will be processed once it is complete and paid
- Valid forms of payment: Online only
- Application fees are non-refundable for all applicants
- Application fees are $30 per person
- Application fees cannot be combined
Criteria may vary based on the property managed terms set forth by owner. Any report returned with more than one category with an adverse, will result in either a double security deposit, a qualified co-signer, both a double deposit and qualified co-signer, or denial of application.
Grounds for denial will result from the following on all applicants:
- Verified unpaid eviction showing on credit report or confirmed with landlord.
- Unpaid collection verified on credit report. Balance owing to landlord. 3 or more late payments and/or NSF checks and/or noise complaints within a 12 month rental period (current and/or previous). Unverifiable social security number. Falsification of rental application. Breaking lease agreement that will result in collection filing. Open Bankruptcy.
Income to RentMonthly verifiable income must be equal to at least 3 times the rental amount, if income is less, than an increased security deposit or a co-signer may be requested.
CreditAt least 3 accounts established for 1 year in good standing. If derogatory credit history is in excess of $3000 (excluding medical and student loans) an increase deposit-OR- cosigner may be requested. Final recommendation will also be dependent on income, rental & employment history.
Delinquent accountsNo more than 2 or below delinquent, student and medical accounts are not factored. 3 or more delinquents may result in a conditional approval or denial.
Collection AccountsNo more than 2 or below delinquent, student and medical accounts are not factored. 3 or more delinquents may result in a conditional approval or denial.
BankruptcyNo Bankruptcy in the past 3 years, this will result in denial of applications.
Criminal informationConvictions on Crimes against a person and/or property, Drug manufacturing and/or drugs that adversely affect others around, Registered Sex Offenders in the past 7 years.
Eviction InformationAny Eviction in the last 7 years will result in denial.
Rental References1 year of valid and verifiable rental or mortgage history with no late payments.
Employment References12 months with current employer or previous employment in same field of work.
Cosigner QualificationsA cosigner will be APPROVED if all of the qualifications below are met, if the cosigner does not meet any 1 of the following criteria then the cosigner will not qualify.
- RENTAL HISTORY: 1 year of valid and verifiable rental or mortgage history with no late payments.
- CREDIT HISTORY: At least 4 accounts in good standing for 1 year with less than $500 in derogatory credit. Any open Chapter 7 or 11 bankruptcy will result in denial.
- EMPLOYMENT: 12 months with current employer or previous employment in same field of work.
- INCOME: 4 times the rental amount of the unit in verifiable, garnishable income.
WHEN YOUR APPLICATION IS APPROVED
PAYMENT OF RESERVATION FEE:
Once your application is approved, you will be notified by our staff and will be required to pay your reservation fee within 24 hours. Your reservation fee is equal to your security deposit. This fee is used to hold the property for you until you move in. Once your reservation fee and signed reservation fee form are received at our office, the property will be removed from the rental market. Once you sign the rental agreement, the reservation fee will become your security deposit (on the date of possession notated on your rental agreement). In the event you decide to not move into the property, for any reason, this fee is non-refundable.
Once your application has been approved and your possession (rental agreement signing) date is scheduled, you are responsible for contacting the utility companies to start service in your name on the date your tenancy begins. Our partners at Citizen Solutions offer a FREE service that help you connect all of your utilities at the lowest price possible with one phone call. You can access this service HERE
MOVE IN PROCEDURES:
Once you have paid your reservation fee and signed the reservation form, our office will email you details for your rental agreement signing appointment. We sign our rental agreements through an E-Signature process. We will need email addresses for each new tenant, and most documents will be signed via E-Signature. An appointment for your key pick up and signing of the move in report, will be scheduled. Please be on time and completely prepared for your signing appointment. If you are late or do not have all monies or documents, your appointment may need to be rescheduled for a different date/time, however you will still be responsible for rent on the original agreed upon possession date. Please note personal checks will NOT be accepted as move in funds. Move in funds must be paid in either Cashier’s Check or Money Order only. All rent funds must be paid separate from deposits.
IF YOUR APPLICATION IS DENIED
You will be contacted by our office staff and given the name and phone number of the screening company used to process your application. Milmar Properties does not discuss the results with you. You will need to contact the screening company to find out why your application was not approved. You will be e-mailed an adverse action letter stating the reason for denial. If the denial was based on your credit report, you will be entitled to a free copy of your credit report from the credit bureau.