RENTAL CRITERIA

 

GENERAL REQUIREMENTS

• Basic criteria for applications is that each applicant can demonstrate good income, credit, and tenant history or ownership.  Negative findings on one or more of the three areas can cause denial of an application.  False documentation is immediate grounds for denial of an application​.

 

INCOME

• Each applicant is required to provide reasonable, reliable, and legal documentation of all income.

• Examples of income are employee records, income tax records, social security documentation, monthly stipends, trust funds, and other sources that will reflect ability to make monthly rental payments.

• All income sources must be verifiable and if income cannot be proven the application may be disqualified

• Applicants must meet ONE of the below requirements.

  • Gross Monthly Income:  Gross income for all applicants to be listed as residents, over the age of 18, in one unit will be combined to establish total Gross Household Income which must meet a minimum of three (3) times the monthly rent.

  • Full Time Student:  The applicant is enrolled in a university or college in the State of Texas, within 60 miles of the unit, for a minimum of 12 credit hours for an undergraduate or 9 credit hours for a graduate student.

  • Advance Payment:  The entire lease term may be paid in advance if the applicant is unable to qualify under the income requirements above.  Advance payment will be for the full monthly rent for the entirety of the lease contract and is due in full with the application.  All other qualification standards must be met.

  • Guarantor:  In the absence of any of the above income qualifications a guarantor may be accepted.  See Guarantor qualifications below.

 

CREDIT

• Applicants must meet ALL of the credit requirements.  Dynamic BCS Properties will run a credit report for all applicants. Copies of other credit reports will not be accepted. 

• Positive Credit History:  Applicant's negative trade-line entries may not exceed 50%, excluding medical and student loans, in the previous twelve month period.

• Positive Account History:  Applicants with delinquency or in collections with a utility company, apartment community, or individual property owner will be denied until applicant is able to provide proof of payoff of the debt in full.

• No Bankruptcy in the previous twelve months:  If the applicant has re-established good credit and bankruptcies are a least one year old, then previous bankruptcies will not immediately disqualify the application. 

• No Evictions in the past 5 years:  Evictions must older than 5 years with positive rental history re-established.  Positive rental history will be required from most recent landlord.

• Guarantor:  If all established credit qualifications cannot be met a guarantor may be accepted.  

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CRIMINAL HISTORY

• Dynamic BCS Properties will run a criminal report for all applicants 18 years old or older.

• Applicant and subsequent occupancy may be denied at any time based on their criminal history regardless of the applicant's age at the time the offense was committed.  Criminal history for which applicant or occupancy may be denied include, but are not limited to, felony conviction OR any conviction, active parole, the possession, manufacture or delivery of any controlled substance, drug paraphernalia, weapons, moral turpitude, sexual offense, prostitution, fraud or financial crimes, crime against persons or property, or terrorism.

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GUARANTORS:

• Guarantors will be considered when an applicant does not meet the income or credit requirements.

• A completed Guarantor form, including valid social security number and required supporting documentation must be submitted with the prospective resident's application to be considered in the qualification process.

• Guarantors agree to guaranty the entire lease contract and all residents listed therein, Guarantors cannot guaranty a lease where they are also listed as a resident or occupant.  

• Guarantors will not have access to the lease account without the express written authorization of the resident(s).