Madison Sammamish Qualifying Criteria

Rental and Occupancy Criteria Guidelines

 Applications for residency will be evaluated using the following criteria:

Rental applications will be processed for all prospective applicants 18 years of age and older who will be the responsible leaseholder. (A non-refundable application fee must be paid for each occupant 18 years of age and older.)

 

 

SALARY AND INCOME

·         All residents must show proof of legal and verifiable income.

·         If employed, applicant must provide their two most recent pay stubs, and the employer will be contacted to verify employment.

·         All other sources of income must be verified.  These sources and verification could include, but are not limited to, tax returns, bank statements, 1099’s, proof of government payments, proof of investment or trust fund income, student loan or grant award documents, Court Orders for child or spousal support, etc.

·         Gross monthly income of combined applicants must be 3 times the scheduled rent of the apartment being leased.

·         Roommate applications must be processed simultaneously.

 

CREDIT HISTORY

·         Applicant credit history is evaluated by a third-party screening service, RealPage Inc, Screening.

·         Applicant’s credit history will be reviewed for late payments, charge-offs, unpaid collections, bankruptcies, judgments and eviction records.  Applicant’s credit score will be derived from this review.

·         Applicants with an OneSite Screening score of 700 to 1000 and a FICO score of 605 or above will be approved upon satisfactory proof of income and rental history.

·         Notwithstanding anything to the contrary herein, applicants must have a FICO score of 605 or higher.

 

RENTAL HISTORY

·         Current address on application must match credit report address

 

CRIMINAL HISTORY

·         A criminal background check will be run for each applicant.

 

CONDITIONAL APPLICATIONS

·         If an applicant receives an OneSite Screening score of 501 – 699, an additional deposit equal to one month’s rent will be required in addition to the standard deposit for the unit rented.

 

DECLINED APPLICATIONS (If any of the following apply, the application will be declined):

·         No verifiable income or salary.

·         Falsification of application.

·         OneSite Screening credit score resulting in a decline.

·         FICO score of 604 or lower.

·         Non-U.S. citizens who do not provide the required current/valid government-issued photo identification.

·         A criminal record that poses a threat to the apartment community will result in an automatic denial.

 

SECURITY DEPOSIT REQUIREMENTS

·         A security deposit is required to be paid in full prior to moving in.  If applicant is not approved, a check for the full deposit amount (not including application fees) will be mailed within twenty-one (21) days of notification.

·         If after seventy-two (72) hours you or any co-applicants withdraw an application, we will retain all application deposits as liquidated damages, and the parties will then have no further obligation to each other.

·         Application fees may be paid by check, money order, cashier’s check or credit card.

·         All move-in rent and deposits must be paid by money order or cashier’s check.  No cash will be accepted.  If the bank returns the application fee, the application will automatically be declined.

 

OCCUPANCY

·         Maximum number of persons per apartment: 2 persons per bedroom plus 1.  Example: 1 bedroom limit is 3 people, 2 bedroom limit is 5 people, 3 bedroom limit is 7 people.  In the event an adoption or birth of a child occurs causing the occupants to exceed the maximum number permitted per bedroom, residents will have until the expiration of the lease term to transfer to the appropriate apartment to comply with occupancy limits.

 GUARANTOR

·         Guarantors are accepted when:

The rent to income ratio is not met by the applicant, or

Applicant does not have a credit history.

·         Guarantors must complete an application for residency and be processed through OneSite Screening as a guarantor with a score of 700 – 1000.

·         Guarantor must have income of 5 times the monthly rent.

·         Guarantor must sign the Guaranty of Lease Agreement.

·      Guarantor must reside in the United States.

 

APPLICANTS WITHOUT A SOCIAL SECURITY NUMBER

·         All applicants must show current/valid government-issued photo identification before move in.

·          Proof of income – Acceptable sources included two recent paycheck stubs or six months of bank statements.  Students may also submit the I-20 as an acceptable source of income verification.

·         Applicants without a social security number will be required to pay an additional security deposit.

 

INSURANCE

·         Residents will be required to provide proof of personal liability insurance with limits of no less than $100,000 per occurrence and covering the apartment rented by the resident.

 

COMPREHENSIVE REUSABLE TENANT SCREENING REPORTS

  • We do not accept Comprehensive Reusable Tenant Screening Reports (CRTSR)

 


Insurance Requirements

 

Your lease contains a financial responsibility requirement. To satisfy that requirement you must provide evidence of insurance coverage that has, at minimum, personal liability coverage with limits of liability in an amount no less than $100,000 per occurrence.

As an added service to our residents, the management of this apartment community is working with a leading insurance company to offer you high quality, low cost insurance protection. The e-RenterPlan insurance products offer affordable coverage options designed specifically for residents of professionally managed communities. At your option, you may choose to enroll in one of the two programs offered to residents of this pre-qualified community, or alternatively, you may secure your own coverage elsewhere.

Both e-RenterPlan products satisfy the financial responsibility requirements of your lease agreement.

If you elect to obtain coverage from another insurance carrier you will be required to furnish the name of your insurance company, the policy number, and the effective and expiration dates of your policy when you complete the lease transaction. A resident of this community is in violation of the lease agreement if coverage is not in place during the term of the lease agreement.

Written information about the insurance programs available to all residents of this community can be obtained at the leasing office. More detailed information can be found at www.eRenterPlan.com.

  • In support of Social Distancing as advised by World Health Organization and the local government, we have closed our office until further notice. Madison Sammamish is available for video tours and will do our best to assist you by phone with your Administrative and Leasing questions and to respond to essential or emergency service requests in person. Please contact the office at 425-391-2187 or madison@gb-a.com.