Park Newport Apartments
Rental Qualifying Criteria INCOME
Monthly gross income must be equal to, or greater than, 3X the monthly rent. Acceptable types of income may include:
$ Two current consecutive paycheck stubs reflecting year to date earnings, and applicable tax deductions.
$ Tax return from previous year provided source(s) of income have not changed.
$ Court documents reflecting monthly monetary support.
$ Statement of monthly benefits from the Social Security Administration.
$ Statement(s) of monthly income from retirement account(s).
$ Student loans or grants.
$ W-2 or 1099 from previous year provided source(s) of income have not changed.
$ Offer letter on company letterhead stating salary, start date & hours, signed by officer of corporation or Human Resources department.
In the event an applicant does not have monthly income, he/she may qualify if able to produce proof of funds equal to, or greater than, 4X the annual rent. Acceptable proof of funds may include:
$ Current statement(s) reflecting investments, money market funds, retirement funds, etc.
$ Student loans or grants.
$ Current bank statement(s).
Under no circumstances will income not reported to the IRS be accepted.
CREDIT HISTORY
Favorable credit history is required for all applicants.** The following conditions are considered unacceptable, and will result in the immediate decline of application for rental:
$ Bankruptcy within 2 years of the date of application.
$ Any Unlawful Detainer action.
$ Any unsatisfied rental property related debt.
Outstanding debts to utility companies may result in an additional security deposit.
IDENTIFICATION
Only original documents will be accepted A copy will be made of a photo ID for all new residents on or before the date of move in. Keys will not be released without the presentation of the required identification, which is:
$ State issued Driver’s License, Identification Card or Military ID.
$ Social Security card.
$ Non U.S. applicants must provide a current Passport and Visas..
CRIMINAL HISTORY
$ No convictions for violent crimes during the past 10 years.
$ No convictions for sexually related crimes during the past 10 years.
LEASE GUARANTORS
Applicants who meet 50% of the financial requirements in addition to the remaining criteria, may obtain a Guarantor (co-signer). Guarantors, in addition to the standard criteria, must show proof of funds/income equal to, or greater than, 5X the rent, and have no derogatory credit.
**All occupants over the age of 18 must submit an application for rental.
Revised 04/02/2006
