RENTAL CRITERIA

Fairway Village at Stoney Creek Apartments Rental Criteria

Effective Date May 2022

APPLICATION PROCESS

1

Each applicant is required to pay an application fee of $50; however, the total fee for married couples is $50. The application fee must be paid in order to proceed with the application. Anyone over the age of 18 must submit an application

Applications must be filled out completely including the following:

Social Security number or alternate ID number (driver’s license, passport, Green Card, tax ID, other government issued document from country of origin that establishes identity)
Income
Rental History
Employment
Verifiable Gross Monthly Salary
Permission to Obtain Credit and Background Reports

2

After receipt of application and fee, a copy of a state or government issued photo ID as well as one of the following must be provided; Social Security Card, Passport, Green Card, Tax I.D., or other national government issued document from country of origin that establishes identity.

3

A deposit of $100 (with positive credit) and $200 administrative fee must be paid when application is Deposit and administrative fee can be paid by cashier’s check or money order in person or by mail, and by credit card through clickpay online. No personal checks or cash will be accepted.

4

Declined applications will be notified and security deposits/administrative fee returned. The application fee is not refundable. Applicants who cancel after approval and acceptance will forfeit administration fee.

QUALIFYING CRITERIA

The following information will be verified through Resident Check and other sources.

Income
Residential History
Credit Payment History
Eviction Court Records

Collection Account History
Judgment Court Records
Bankruptcy Records
Criminal Background

INCOME REQUIREMENTS

The required income needed to qualify is three (3) times the monthly rental amount and employment verifiable for (1) year.
In the case of roommates, we will accept their combined income to qualify, provided that they each meet credit and rental criteria. An application fee is required for each applicant.
A student who does not meet the standard income requirements of three (3) times the monthly rent is required to have a cosigner. Financial aid can be considered as income.
Unemployed applicants will be required to pay two months deposit and the first full month’s rent at move-in.

RESIDENTIAL HISTORY

Rental history must be excellent and verifiable by the past landlord for one (1) year including student status. In the event of no rental history, a security deposit of $300 will be required.

CREDIT HISTORY

1

Credit payment history is considered positive when the credit history contains trade lines with ratings of 3 or less.

2

Eviction Court Records must not indicate that possession of a unit has occurred or that three (3) eviction filings have occurred within the previous 24 months.

3

Collection Account Records must indicate paid accounts or paid rental related collections (or show proof).

4

Judgment Court Records must indicate paid rental related judgments (or show proof).

5

Bankruptcy Records

Must not contain an active Chapter 13 (Wage Earner Plan) within the previous 24 months.
May contain a maximum of one (1) Chapter 13 (Wage Earner Plan) that has been dismissed within the previous 24 months.
May contain a maximum of one (1) Chapter 7 (Straight Bankruptcy) that has been filed, dismissed, or discharged within the previous 24 months.

6

Criminal Background Management reserves the right to accept or decline an applicant based on past criminal activity.

NEGATIVE CREDIT HISTORY

In the event that the above credit criteria cannot be met (with the exception of money owed to the housing industry), a deposit of $300 will be accepted.
The deposit and first month’s rent must be paid by money order or cashier’s check.
This increased deposit will be handled as a regular deposit, i.e. not refunded until the apartment is vacated and all damages and/or rent have been paid.
Applicant who has no credit will not be required to pay additional deposit.
Applicant who has housing related unpaid judgments; a deposit equal to two month’s rent will be accepted.
Applicant with a foreclosure, a deposit equal to one month’s rent.

STUDENTS

Students are permitted with a qualified Guarantor.

GUARANTORS

All Guarantors must meet the following criteria:

Excellent credit history
Income required of five times monthly rent
Provide photo identification
Be an immediate relative of the applicant
Have verifiable references for residential and employment history
Guarantors have no access to the apartment
Guarantors must be U.S.
Guarantors become co-lessees and assume all responsibilities of the lease and any extension

OCCUPANCY STANDARDS

ONE BEDROOM

2 persons (maximum 2 adults)

TWO BEDROOM

4 persons (maximum 2 adults)

THREE BEDROOM

6 persons (maximum 3 adults)

PETS

Pets will be allowed. A maximum of 2 (two) per apartment are permitted with a $300 non-refundable fee for the first pet and a $150 non-refundable fee for the second pet. No aggressive breeds are allowed. Management reserves the right to meet pet(s) prior to move in. Any pet damages will be the responsibility of the resident and will be charged to the resident’s account upon move out. Pet fees do not cover pet damages.

LEASE TERMS

The length of the initial lease term is 12 months. A lease of more than 12 months is available, at an additional cost, with a built-in increase after the initial 12 months. No leases will be permitted to expire in November, December or January. Management reserves the right to amend lease terms offered at any time.

BROWN INVESTMENT PROPERTIES, INC.

Apartments

Peter Placentino, CPM

Senior Vice President

Managing Agent for Fairway Village @ Stoney Creek

Lori Stewart, CAPS, VP Residential Management

Regional Manager

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