Lange Property Management is an Equal Housing Opportunity provider. We will process all applications on a first come, first serve basis. Our decisions are based on standard criteria including; rental and credit history, ability to pay rent, and background check results. Reasons for declining an application will be communicated to all applicants.
Criteria for Approval
- Rental History – Proof that rent has been paid on time for the previous 3 months immediately prior to application.
- Income – Proof that applicant(s) gross monthly combined verifiable income is 2 times the monthly rent. For example, monthly rent is equal to or less than 33% of the gross monthly combined verifiable income of applicant(s). Social security, child support and other forms of income will be considered, but do require documentation per each income amount.
- Documentation – Last two months pay stubs, tax returns if self-employed, or written verification of income if unemployed from the source providing that income.
- Identification – Copies of state-issued photo ID and social security card for all applicants, and/or green card if applicable.
- Credit – We will request a credit report on all applicants to verify credit worthiness. We require a minimum average combined credit score for all Applicants of 550 or above (for example, if one applicant’s score is 480 and the other applicant’s score is 560, the combined average credit score is 520). We do not disqualify tenants solely for not having a credit history. There can be no unpaid utility collection accounts including phone bill within the last 2 years.
- Criminal Background – No history of felony, domestic violence or felony drug-related convictions in the last 5 years.
- Guarantors – A guarantor will be required for applicants that are students or who cannot provide proof of verifiable income but fall in line with all other requirements. The guarantor must be listed on the lease and sign off on it as well. Guarantor must have a credit score of 650 or higher and income greater than 4 times the rent.
Criteria for Denial
- Evictions within the last 3 years
- Landlord collection in the past 3 years
- Open bankruptcies or bankruptcies within past 3 years
- Overdue debt of $5000 or more, including balances on outstanding civil judgments (does not include student loans or medical bills/debt)
- Average combined credit score for all applicants is below 550
- Misrepresentation(s) or falsifications of application
- Inability to verify identity
- Inability to verify incomee and there is no guarantor
- Insufficient income (total rent payment per month is more than 46% of the applicant’s combined verifiable gross monthly income)
- A conviction for the illegal manufacture or distribution of a controlled substance
- Registered sex offenders