LYON PROPERTY MANAGEMENT

 

RESIDENT APPLICATION CRITERIA

 

***APPLICANT IS REQUIRED TO READ, SIGN AND SUBMIT THIS DOCUMENT WITH APPLICANT’S COMPLETED RENTAL APPLICATION***

 

Lyon Property Management specializes in single family home rentals and is dedicated to a fair and equitable process for selecting residents that meet its requirements.  This document explains the process for applying to become a resident and the requirements necessary to become a successful candidate.  A completed application must be submitted by each individual over the age of 18, or a legally emancipated minor, who will be occupying the property.

APPLICATION FEE

An application fee of $35 must accompany each application submitted.  The fee must be in the form of a cashier’s check or a money order.  The fee is non-refundable if the application is processed.  A second application fee is not necessary if you are re-applying for another property within 30 days of the date of the first application.  The application fee will not be greater than our out of pocket costs to gather the information necessary to make a determination regarding the applicant.  Such costs include the use of a tenant screening service or a consumer credit reporting service and the reasonable value of the time spent to collect and collate the information.

We will process your application as quickly as possible.  Applications will be processed on a first come first served basis.  To help speed up the process we will need you to provide the following along with your application:

  • Driver’s license or other picture ID that can be verified

  • Income verification (examples of income verification include, but are not limited to, paycheck stubs, bank statements, confirmation of employment from employers, most recent year’s tax returns, proof of Social Security, disability, unemployment, welfare or other government benefits, court order of spousal or child support along with bank statements or other documents evidencing receipt of court ordered payments, proof of pension or other retirement income, proof of investment income, student loan/grant income or proof of any other legal verifiable income)

  • Two year’s rental history with owner and/or property manager names, addresses and phone numbers

An incomplete or unsigned application submitted for consideration will not be processed and will be returned to Applicant.

INCOME REQUIREMENT

Applicant must provide evidence of net legal, verifiable household income of 2.5 times the monthly rent, depending on owner’s income standard.  Applicants that do not meet the income requirement will still be considered for approval but will require a co-signer on the lease, if the owner accepts co-signers.

 

RENTAL HISTORY

Applicant’s rental history will also be considered in evaluating his/her creditworthiness.  Applicant must have a satisfactory rental history.  A satisfactory rental history is defined as:  timely rent payments for the 6 months immediately preceding Applicant’s application.  Applicant must also provide references from two previous rental addresses.  Applicants with no rental history will still be considered for approval but will require additional security deposit or a co-signer on the lease, if the owner accepts co-signers.   

 

CREDIT HISTORY

Applicant’s creditworthiness will be evaluated based on his/her credit report from a recognized national credit reporting agency.

Applicant’s credit history must meet the following criteria:

  • No history of evictions

  • FICO score of not less than 620

  • No open collection actions, or closed collections during the past two years without a reasonable explanation (medical debt is excepted from this policy)

  • No open bankruptcies

     

OCCUPANCY STANDARDS

No more than two persons per bedroom plus one other person for the unit will be allowed to occupy the property.  Any exception to this standard will be based on the unique configuration of the home (for example: additional rooms such as a den, office or loft that could reasonably be used for sleeping) and will require advance written consent from the property manager.

 

CASH

We do not accept cash for rent, security deposits, application fees, late rent fees, etc.

PETS

No dogs, cats, birds, reptiles, rodents, fish or other exotic animals are permitted unless authorized in writing by the property manager.  Additional charges will be required for allowable pets.  Assistive animals for persons with disabilities are not considered to be pets, but still require advance written authorization by the property manager.

 

APPLICATION VERIFICATION

Information included in Applicant’s application will be carefully verified.  Applications will be denied for any of the following reasons:

  • Incomplete or unsigned application

  • Inability to verify Applicant’s identity

  • Inability to verify any other information on the application

  • Legal, verifiable household income requirement is not met

  • Credit report contains any open collection accounts other than for medical services

  • Credit report contains an open bankruptcy

  • Prior eviction

  • Unsatisfactory rental reference

  • Criminal conviction of felony manufacture or sale of controlled substances

  • Applicant demonstrates threatening or abusive behavior toward property management staff or others during the property showing,  the application and/or approval process

 

APPLICANT’S ACKNOWLEDGEMENT

 

I have read and understand the foregoing terms and conditions.

 

__________________________________________________       _______________

Applicant Name (Print)                                                                       Date

 

__________________________________________________    ________________

Applicant Signature                                            Date                        

 

***PLEASE SUBMIT THIS DOCUMENT WITH COMPLETED RENTAL APPLICATION***

 

 

Click Here to Download and Print Rental Criteria