Frey Properties of Highland, LLC

Qualifying Criteria for Residency

 

To be accepted for residency one must meet the following guidelines:

 

    1. INCOME RATIO– Gross income per applicant must be approximately three times the amount of rent.
    2. CREDIT REPORTING–

                                                               i.      Have credit history in good standing in the last 3 years.

                                                             ii.      Applicants with no credit history will be accepted under the condition that stable employment or rental history in good standing has been attained for the last twelve months or may be required to pay an increased security deposit rate along with a co-signer.

                                                            iii.      Individuals with a poor credit history showing unpaid state or federal tax liens, vehicle repossession in the last three years; landlord vs. tenant court records within the last 2 years; civil judgment , eviction or foreclosure in the last 5 years will not qualify to lease with Frey Properties.

                                                           iv.      Applications with multiple bankruptcies within the past seven years will not be approved for residency.

                                                             v.      Applicants with three or more creditors accurately reporting four or more late payments in the last twelve months will also not be approved for residency.

                                                           vi.      Individuals showing paid or discharged bankruptcies, landlord vs. tenant civil judgment over 2 years may be considered for residency.

                                                          vii.      Applicants with less than three collections or profit and loss accounts in the last three years, may be considered for residency if: current credit, within the past 12 months, is satisfactory, increased security deposit and/or co-signer is requested.

                                                        viii.      In the event that a co-signer is permitted, they must meet all income and qualifying criteria. They must also reside in the metro area and be related to the applicant. A co-signer will be fully responsible for the lease if the occupying resident defaults.

    1. STABILITY- If you have had 3 addresses in the last 1 ½ years you are subject to paying a higher security deposit or you could be denied residency with Frey Properties.
    2. TRUSTWORTHY- Any false statement or omission on any application will immediately disqualify the applicant and other interested parties.
    3. NUMBER OF OCCUPANTS-

-         One Bedroom – Two Occupants

-         Two Bedrooms – Four Occupants

-         Three Bedrooms – Five Occupants

Occupants may vary based on unit’s room size. Please include all adults, children, and any unborn child. We also intend to comply with BOCA Codes, as per square foot maximum residential occupancy.

 

The Residential Occupancy Standards are regulations set in place by Frey Properties. These guidelines are used to ensure fair and equal service to prospective Residents as well as our current Residents. Frey Properties is dedicated to providing a quality living environment and exceptional service. Further questions or clarifications may be addressed with a Representative of Frey Properties.

 

In addition to these qualifying guidelines, at time of application, you must be able to present the following documents:

    • Copy of your last 3 most recent pay stubs.
    • Copy of your most recent Bank Statement.
    • Clear copy of passport, driver's license, state ID or other satisfactory photo-identification.
    • Copy of Social Security Card.
    • Copy of credit report (we will obtain this for you).
    • $25.00 application fee.

Please bring original documents as we will obtain copies in our office!