Qualification Criteria

 

Park Newport Apartments
 
 
We have listed the qualification criteria for approval of your future home.
                                                                                               
APPLICATION: Each occupant 18 years of age and older must complete an application. Be sure to complete all areas, including landlords and employers, phone numbers, cities, states, and zip codes. A $40 non-refundable application fee will be assessed for all applicants. A reservation deposit of $200 is required, which is refundable up to 72 hours of reservation date.
 
INCOME: Gross monthly income of combined applicants must be 3 times the rent of the apartment. All proof of income must be legal and verifiable. Any income documents from outside the United States must be converted to the English Language. Acceptable documents include:
  • Two current pay stubs showing tax deductions and year-to-date earnings.
  • New Employment - official offer letter on company letter head, signed by all parties.
  • Self-Employed - current year signed tax return.
  • Statements from government payments i.e. disability or social security
  • Court Orders for child or spousal support.
  • Statements of income from investments or trust funds.
 
 
SAVINGS: In the event an applicant does not have income, savings may be verified with three months of consecutive statements with an average balance totaling 3 times the annual rent. Any income documents from outside the United States must be converted to the English Language. Acceptable documents include:
  • Savings/checking account statements.
  • CD statements.
 
 
CREDIT/RESIDENCY HISTORY: Applicants history will be reviewed for late payments, charge offs, collections, bankruptcies, judgments, and eviction records. Additionally, favorable residency history is required.
  • A third party screening service, RealPage Inc., will evaluate applicants credit history.
  • Evictions or debt to property management will result in an automatic denial.
  • If applicable, additional security deposit may be required for credit or residency issues.
  • Two years of positive rental payment history is required.
               
GUARANTORS: An applicant can obtain a guarantor if the income ratio is not met or if the credit history reflects a denial.
  • Guarantors must complete an application.
  • Guarantors must have superior credit.
  • Guarantors must qualify showing income of 5 times the monthly rent, or three consecutive savings statements of 5 times the annual rent.
  • Guarantors must sign the guarantor addendum prior to move in.
  • Guarantors must reside in the United States.              
 
IDENTIFICATION: All applicants must show current/valid government-issued photo identification before move in.
               
OCCUPANCY: Maximum number of persons per apartment is as follows:
  • Studio max is two people.
  • One-bedroom max is three people.
  • Two-bedroom max is five people.
  • Three-bedroom max is seven people.
                               
RENTERS INSURANCE: This is required prior to moving into Park Newport Apartments. You may sign up with eRenterPlan insurance program or provide your own insurance. If you choose to provide your own insurance, you must provide us with the Declaration Page from your policy showing:
  • A minimum of $100,000 liability coverage.
  • Policy number.
  • The address of your new apartment.
  • A policy term greater than or equivalent to the term of your lease.
 
__________I understand proof of Renters Insurance is required prior to move in.
      (Initial)
 
Thank you for applying at Park Newport Apartments. To ensure prompt processing of your application, documentation must be submitted to the leasing office within 24 hours of your reservation.