Resident Qualification Acknowledgement

RESIDENT QUALIFICATION ACKNOWLEDGMENT

 

IDENTIFICATION

Applicants must present a valid government issued photo identification card for each person age 18 years and older that will be living in the apartment.

 

INCOME REQUIREMENTS

Minimum monthly combined gross income-to-rent ratio must not be less than 2.5 times rental rate

Monthly minimum net income (after rent and debt obligations)  must not be less than 40%.

 

CREDIT REQUIREMENTS

Maximum percentage of past due negative accounts must not be greater than 25%.

Maximum balance of unpaid collections (includes past due accounts) must not be greater than $1,000.

An unsatisfactory or insufficient finding may result in the requirement of an additional deposit, guarantor, surety bond or denial.

 

GUARANTORS

If a guarantor is needed, the person must meet the entire qualifying criteria as noted. The guarantor must meet the criteria presented above throughout the entire duration of the applicable lease period.

 

RENTAL HISTORY REQUIREMENTS

No landlord tenant court records or unpaid landlord collections.

 

CRIMINAL BACKGROUND HISTORY

It is possible, the application may be denied due to criminal convictions. Background screening on leaseholders and occupants.

 

RENTER’S INSURANCE REQUIREMENTS

Residents may be required to carry renter’s insurance throughout the entire duration of the applicable lease period.   To satisfy this requirement, the renter must provide evidence of insurance coverage at initial lease signing.   In addition, we require that you add the property as an “Interested Party,” “Party of Interest,” or similar language.

 

OCCUPANCY

Additional occupant in a unit may require additional rent.

 

PET RESTRICTIONS

The restrictions may vary at each community dependent on breed.

 

FAIR HOUSING STATEMENT

Karma Residential is committed to compliance with all federal, state, and local fair housing laws. Karma Residential and Owner will respond to any reasonable accommodation request based upon disability-related need with reasonable modification of existing premises, which may be at the expense of the disabled person.

 

RENTAL RATES AND LEASE TERMS

Original rental rate quotes will be honored for two (2) business days. The rental rate quote is associated with the apartment’s availability at the time of your quote, move-in date, and lease term requested. Any revisions or changes to the time of the quote, move-in date, and lease term may require a revised quote which may result in a different monthly rental rate.

 

MFTE QUALIFICATIONS

Applicant’s annual gross income must be less than or equivalent to $43,680 (including cosigner’s income if applicable)

One (1) year lease term (month-to-month thereafter).

 

APPLICATION APPROVAL ACKNOWLEDGMENT

Applicant agrees to and acknowledges that all qualifying criteria referenced above will be considered in the screening process. Screening recommendations are based on the overall screening report provided by a third party provider. Applicants who do not meet the requirements referenced above may be declined or subject to a conditional approval including but not limited to additional deposit, personal guarantor and/or surety bond.

 

*Nothing contained in these requirements shall constitute representation by Karma Residential that all residents and occupants currently residing in our community have met or currently meet these guidelines. Subject to their compliance with applicable laws, qualification standards include but not limited to the criteria above.