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STATEMENT OF RENTAL POLICY OF HIDDEN PALMS APARTMENTS
Welcome to Hidden Palms Apartment Homes and thank you for choosing our community. We require each Applicant and adult occupant meet certain rental criteria. Before you fill out our Rental Application, we suggest that you determine whether you meet our requirements. Please note that the term “Applicant” provided below applies to all Residents to be identified on the Lease Contract and the person or persons to be responsible for paying the rent. Please note that these represent our current rental criteria; nothing contained in these requirements shall constitute a guarantee or representation by Owner prior to these requirements going into effect. Additionally, our liability to verify whether these requirements have been met is limited to the information we receive from the various credit reporting services used.
APPLICATION SCREENING CRITERIA
Applicant or applicants must be a minimum of eighteen (18) years of age or older. All applicant(s) should be able to provide a copy of their Social Security card. Minors under the age of eighteen (18) are not required to apply but MUST be listed under Occupants. Everyone residing in the apartment eighteen (18) years or over must complete and application and be listed as a lease holder.
TYPE OF APARTMENT
MAXIMUM # OF OCCUPANTS
* An occupant is any individual over the age of 2.
Application Fee, Deposit, Administrative Fee
A non-refundable application fee of $50.00 is required per person for processing. If the application is approved, a minimum security deposit of $200.00 or up to 1 month’s rent and a non-refundable administrative fee of $150.00 is then required to hold an apartment. These deposits are payable by a certified check or money order only. This will hold the apartment for up to thirty(30) days. This deposit is non-refundable if Applicant(s) decides not to move or cancels for any reason. ________
Employment / Income Requirements
Verifiable income equivalent to three (3) times the monthly rent is required. If Applicants fall between two and a half and three times, the owner may look at other compensating factors (i.e. Credit History, Length of Employment or Rental History) in the approval process for a possible conditional approval. Verifiable income shall include income as confirmed by four (4) weeks’ worth of income in the form of recent computerized pay stubs. For self-employed applicants, we will accept the most recent year’s tax returns or a notarized letter from your CPA to verify the income listed on this application.
Applicant must provide a proper form of income verification prior to us processing the application.
Credit history must reflect a Credit Score of a 600 or above for approval. A Credit Score of 599 - 580 will result in a conditional approval which will require a higher deposit. Credit reports reflecting two or more
accounts in collections and/or two or more accounts currently delinquent can be declined.
Verifiable Rental History
It is your responsibility to provide the necessary information that allows us to contact your past Landlords. Previous Rental History must have a record of paying your rent on time, no prior evictions, and balances owed no history of default in lease obligations or violations of rules and regulations. If we are unable to verify your previous Landlords we reserve the right to deny your application. Any eviction filings will result in a declined application.
A thorough background screening will be completed.
Co-signors / Guarantor
A co-signor / Guarantor will be accepted for lack of income. Guarantor must meet all the same criteria as stated in this application with a verifiable income of at least five (5) times the monthly rent. Co-signor / Guarantor are not accepted for negative credit history or lack of credit history. Only one co-signor/ Guarantor allowed per apartment.
YOU WILL BE DENIED IF:
Any information provided on the application is found to be incorrect. In general, if misrepresentations are found after the rental agreement is signed, your rental agreement will be terminated.
If you are accepted, you will be required to obtain renters insurance prior to move in date, keys will not be released without proof of renters insurance of at least $100,000 general liability with Hidden Palms named as an additional
interest. You will also be required to sign a Lease Contract in which you will agree to abide by the policies of this rental property. It has been written to protect the rights of both our residents and the Owners of the community.
ALL ITEMS LISTED ON APPLICATION SUBJECT TO CHANGE WITHOUT WRITTEN NOTICE