Future Residents

Conrex is committed to compliance with Fair Housing laws, including those that prohibit discrimination based on race, color, sex, religion, disability, familial status, national origin, and all other classes protected by applicable federal, state and/or local law.

Each applicant must be able to provide a government-issued photo identification card and a Social Security Card. The provided identification card must be issued by a federal, state, or local government agency and include a photograph, name, and date of birth.

A score of 539 or below is automatically declined when there is only one applicant. For a household with more than one applicant, all applicants must have their screening score averaged. The average screening score for all applicants must be 540 or higher.

If no credit history, approval can be granted with an approved guarantor. Please refer to the guarantor guidelines for the credit and income requirements. If there is a joint application where one of the applicants does not have any credit history, the other applicants must quailify for the home on their joint score and income alone. Applicants with a verified W-7 or ITIN will not have to secure a guarantor, however applicants must have verifiable income that meets the screening requirements and provide a copy of the W-7 or ITIN document.

Guarantors are required to meet the screening score requirement of 610 Transunion credit score or higher. Only one guarantor is allowed per household. Income verification must be provided to show the annual gross income is at least 5 times the monthly rental amount of the listed home. A guarantor is an applicant who cosigns the lease and will be financially and legally responsible for the lease term.

Applicants will be approved based on the following TransUnion resident scores and corresponding debt to income ratio. The TransUnion resident score is comprised of several factors including the Transunion credit score, criminal records, and eviction records. Conrex will take into consideration the impact of medical debt and student loans. These debts will be removed from the overall debt calculation when determining the debt to income ratio for the household. Applicants with a TransUnion resident score of 610 or higher must have 50% or less debt to income ratio; applicants with a TransUnion resident score of 540-609 must have 45% or less debt to income ratio. If an applicant has no credit history, approval will be granted with a guarantor.

The combined income of the household (total gross household income) for all eligible applicants must be equal to no less than 3 times the monthly rental amount of the listed home. Income verification must be uploaded at time of application. Verifiable income will be used to determine the rent-to-income ratio. Unemployment income is not accepted as a form of income by Conrex. Some income results may require further verification. • Paystubs – Shows the last 30 days of income. Two consecutive paystubs are required if paid bi-weekly or semi-monthly, four consecutive paystubs are required if paid weekly, and one paystub is required if paid monthly. • Offer Letters – Provided within 30 days of the lease start date. Offer letter must be on company letterhead and signed by the hiring manager. • Employment Verification – In leau of providing paystubs, an employment verification can be submitted by the employer. It cannot come from the applicant. The employment verification must be provided on a company letterhead and signed by the hiring manager. All information regarding employment status, average number of hours worked, rate of pay, etc. and any other applicable information must be submitted with the employment verification. The employment verification is subject to verification. • Benefit Verification Award Letters – Downloaded from the website (https://www.ssa.gov/) to show the monthly benefit amounts. This applies to any government benefit award letter that includes social security, supplemental security income (SSI), disability benefits, veteran’s benefits, and any pension award letters. Because SSI is likely to increase and decrease throughout the year, a letter dated within 30 days of move in must be provided. • Court Ordered Child Support and/or Alimony – A print out of the current payment history to include 3 months minimum must be downloaded from the applicable state child support enforcement agency website. Court documents showing the ordered alimony amounts are also accepted. • Self Employment – The prior year’s tax return must be provided and must include the Schedule C and Profit and Loss Statement. In addtion to the tax return, a business license or permit is required to show the business is ongoing. In the case the businses was started during the current year, a quarterly P&L statement would be accepted to show income averaged over 3 months. • Cash Savings – In the case of no verifiable income, seasoned bank statements for at least 6 months or an escrow statement can be provided. The screening score must be 700 or higher. This would apply to persons in retirement, commission based employment, or 1099 employees. Other financial statements that show liquid funds available have to equate to 3 times the monthly rent of the desired home times a 12 month lease term.

An eviction record occurring within the past 5 years is an automatic denial even if there was a monetary debt that was paid in full.

• Closed or paid and settled in full will be approved. • Open or outstanding collections with a total maximum balance of $1,000 will be approved IF the credit score or household score is between 540 – 599. Student loans and medical collections are excluded from calculating collection balances. • Open or outstanding collections with a total maximum balance of $2,000 will be approved IF the credit score or household score is 600 or higher. Student loans and medical collections are excluded from calculating collection balances. • Any rental collections or landlord collections are an automatic denial.

• Any criminal offense, deferred adjudication, or conviction for which a person is required to register as a sex offender will be automatically declined. • Any criminal offense, deferred adjudication, or conviction of a felony offense related to the manufacture and/or distribution of controlled substances within the past 7 years from the date of conviction will be automatically declined.