PROCEDURES FOR SCHEDULING PROSPECTIVE VPM TENANT LEASE APPLICATIONS AND THE LEASE APPLICATION APPROVAL PROCESS.
VPM Lease Application Coordinators will adhere to the following procedures in the lease application review/approval process.
1. Confirm that the applicant(s) has physically visited the property with VPM, or with an agent from another brokerage.
2. Inquire as to the number & relationship of any, and all prospective applicant(s).
3. Advise that each adult who will be occupying the property (including adult children) must apply and meet the following criteria;
a. At time of application, provide VPM with a $45.00 application fee for each adult; must be in cash or money order and is NOT refundable.
b. Good current credit, per VPM/Equifax credit report (Minimum acceptable credit score is 610).
c. No serious credit issues in recent past.
d. Not a debtor in any un-discharged bankruptcy proceedings.
e. No recent civil/criminal activity; per local/National judiciary records.
f. Not listed as "sex offender"; per local/National registry listings.
g. “Groups” consisting of three or more unrelated persons can not be approved.
4. Sufficient income or other resources to pay monthly rent, with allowance for other usual monthly expenses (Monthly rent should not exceed 1/3 of monthly gross income from all sources. Ex: Monthly rent $1,800.00 X 3 = Minimum monthly gross income of $5,400.00). High monthly income will not offset a poor credit score.
5. Verification of monthly sources of income are required as follows:
a. Actively employed: Copies of last two pay stubs.
b. Active duty military: Remember to include all additional allowances, such as housing, etc.
c. Newly employed: Letter on employers letterhead stating start date, starting salary & employment position.
d. Self-employed: Copies of the first two pages of Federal form 1040 & schedule C for the past two years.
e. Voucher income: Copy of the voucher & all additional paperwork which may be required by the voucher provider.
f. IRA/Social Security Income: Copies of the first two pages of Federal form 1040 for the most recent year.
g. Child support: Copy of support decree & proof of income, such as copies of support checks, bank statements, etc.
h. The dollar amounts of any liens, judgments, garnishments, etc. which negatively affect monthly income will be factored as a reduction to the applicant's monthly gross income for lease application approval purposes.
i. Lease cosigners are not acceptable to offset insufficient credit or income requirements.
6. Advise applicant(s) that if they meet all the above criteria, they should make application appointment with VPM ASAP, as applications are accepted on a first to schedule, first to serve basis. Monday thru Friday, by appointment between the times of 9:15 am & 4:15 PM.
7. VPM cannot attempt any "preliminary" approval/disapproval decision of applications over the telephone. Application approval/disapproval can be determined only after all of the above items have been verified.
8. Once application is approved, the applicant(s) must be prepared to provide security deposit/pet deposit funds. Personal checks are acceptable, unless move in will take place before check can clear- two weeks.
All VPM rental properties are made available without regard to race, creed, color, religion, national origin, gender identity, age, occupation, handicap, political opinion, personal appearance, marital status, familial status, source of income, sex, or sexual orientation.
Vantage Property Management