Rental Qualification Requirements
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.
A Rental Application will be automatically denied if any applicant or occupant has been convicted of or has received deferred adjudication for:
- Any federal felony offense (or offense in another jurisdiction classified in a category similar to a federal felony offense) related to property damage or of a violent or sexual nature.
- Misdemeanor offenses for which a person is required to register as a sex offender.
- Any federal felony offense (or offense in another jurisdiction classified in a category similar to a federal felony offense) related to the manufacture or distribution of controlled substances occurring within the past seven years.
Applicants must have established 12 months of verified landlord history with no more than 2 late payments or 24 months of verified landlord history evidencing no more than 4 late payments. For homeowners of two years or more, positive mortgage payment history must be provided evidencing no more than 3 late payments per year. If an applicant has no prior rental history, it will not be used in determining whether the applicant is approved or denied.
A Rental Application will be denied if an eviction is recorded against an applicant within the last 5 years.
A Rental Application will be denied if an eviction is recorded against an applicant within the last 5 years
Credit History/Debt to Income Ratio:
A Rental Application will be denied for applicants with an unsatisfactory Transunion Resident Score below 540. Applicants with Transunion Resident Scores of 540-569 must have a 43% or less Debt to Income Ratio; applicants with Transunion Resident Scores of 570-609 must have a 45% or less Debt to Income Ratio; and applicants with Transunion Resident Scores of 610 or greater must have a 50% or less Debt to Income Ratio. An applicant with noTransunion Resident Score may be approved with a Guarantor
Applicants must provide verifiable proof of gross monthly income. Wage garnishments will be excluded from the income ratio. Acceptable forms of income verification are: 2 most recent original paystubs; employment new hire letter on company letterhead; prior year’s tax return; or past 3 months’ bank statements. For self–employed applicants, Conrex will accept a copy of the prior year’s tax return or a certified verification from your bank along with documentation of “doing business as” registration. Housing allowances are acceptable as verified income, and disability payments will be approved as income if the payments are government-backed. Social Security will also be treated as standard income. Court ordered income, child support, and alimony will be accepted as verifiable income if the appropriate documents show that the balance owed is current and the applicant has received 6 months of recent consistent payments.
If personal property owned by the applicant has been subject to repossession more than 3 years prior to the application and no balance is owed in connection with the repossession, otherwise satisfactory Rental Applications will be approved, but only if the applicant provides a Guarantor.
If real property owned by the applicant has been subject to a foreclosure within 2 years prior, the Rental Application will be automatically denied.
Applicants with 3 or fewer collection accounts, collectively equal to or less than $5,000, will be approved. Applicants with 4 or more collections accounts, or fewer than 4 collection accounts that collectively equal $5,001 or more, will be automatically denied. Medical and student loan debt is excluded from the collection amount calculation.
If Applicant has a bankruptcy on record, the bankruptcy must be discharged for at least 24 months. If a bankruptcy was discharged within the past 24 months, or a balance is owed on any judgement made against the Applicant, the Rental Application will be automatically denied.
If Applicant has a maximum of 2 “bounced” or “bad” checks within the past 12 months, the Rental Application will be approved, with the condition that the Applicant must pay rental amounts in certified funds for the entirety of the lease contract
A Guarantor will be considered for an applicant who does not have credit history. A Guarantor cannot be used where applicants have a criminal record. A Guarantor cannot be used where applicants do not meet the minimum credit or debt to income ratios as defined in this Statement of Rental Policy. The Guarantor must fill out a separate application, pay the application fee, and provide proof of a monthly income of at least five times the monthly rent for the house they are guaranteeing and a minimum credit score of 610.
Each applicant must be able to provide a government- issued identification card and a Social Security Card or worker ITIN number. Non-U.S. citizens will be required to complete and sign the Supplemental Rental Application for Non-U.S. Citizens to verify the legal right to be in the U.S. The documents checked off in the Supplemental Rental Application for Non-U.S. Citizens must be provided for verification purposes. The provided ID card must be issued by a federal, state or local government agency and include a photograph, name and date of birth. Once the Rental Application has been approved, we will require that these documents be provided again so that a copy may be made and placed in the permanent Lease file
Roommates must qualify separately in all areas of this Rental Policy except for the Debt to Income Ratio and the Transunion Resident Score. The household Income and Debt, as defined by the Conrex rental criteria, will be combined from all applicants of the household to determine the Debt to Income Ratio for approval or denial. At least one applicant of the household must meet the minimum Transunion Resident Score as defined by the Conrex rental criteria.