There are several items that are considered when evaluating potential renters. We try our best to gather as much information as possible so that we may make the most accurate and fair evaluation of an applying tenant. Upon submitting an application, the following are examined to determine whether or not a person is qualified to rent one of our properties:
- INCOME - Applicants must have a combined gross income of at least 3 times the monthly rent for properties renting for less than $1600 per month. For properties with a monthly rent between $1601 and $2600, the monthly gross income must be at least 2.5 times the rent amount. For rents in excess of $2601 the monthly combined gross income must be twice the monthly rent.
- CREDIT CHECK - The minimum credit score needed varies by property rent amount. Typically, a minimum credit score between 525-600 is required to be approved. If the credit score is low due to lack of credit and if all other criteria is met, applicants may get approved with a higher security deposit. (typically at least 2 times the monthly rent)
- BACKGROUND CHECK - Prior criminal conviction could result in the denial of an application.
- SECURITY DEPOSITS - Security Deposits vary based on the strength of the application. Typically the amount will be equal to 1-2 months rent. For example, if the rent of the property in question is $750 then the Security Deposit will be between $750-$1500.
Frank Moore & Company's screening process is in accordance with all Fair Housing and Anti-Discrimination Laws. To ensure fair and equatable treatment for all, we have set fixed guidelines regarding application approval. The above mentioned points are a summary and not meant to be an exhaustive list of our screening policies. If an application passes our criteria and applicants are offering full price and applicants meet the owner's conditions concerning pets (or the applicants do not have pets), we will accept their application and sign a lease on applicants behalf. An owner may decline an application if the offer to rent the property is for less than the asking price.