NORTH PACIFIC PROPERTIES
CRITERIA FOR TENANT SELECTION
Tenant screening is one of the most crucial aspects of property management. A thorough background check is the most important element in determining whether or not an applicant may be a good tenant. Below is a detailed outline of the credit criteria North Pacific Properties requires to approve an applicant for tenancy:
Generally required information may include:
· Applicant on-time for showing appointment
· Positive picture ID
· Completed application for every occupant 18 years and older
· Applicant(s) able to pay complete deposit and rent deposit at time of lease signing
Income & Employment Requirements:
· Proof of verifiable employment and/or verifiable source of income
Income for W2 employees can be verified by the following ways:
– 2 most recent pay stubs
– Employee Reference contact and phone
Income for Self Employed individuals can be verified as follows:
– 3 months of bank statements
– Signed tax returns for the last 1-2 years to show predictable income
· Adequate gross income to rent ratio; typically 3 to 1 (rent should not exceed 33% of your income)
· No excessive debt which may impact applicant(s) ability to pay rent
· Good credit history free of negative credit issues which may indicate an applicant is high-risk and/or indicates a pattern of payment delinquency
· Applicants with charge-offs, unpaid debts, or a history of delinquent payments may be denied tenancy.
· Applicants with credit scores beneath 700 may be denied. North Pacific Properties seeks tenants with mid to upper 700 credit scores.
Rental history information required may include:
Each rental applicant must be able to demonstrate a pattern of meeting their rental or mortgage obligations, leaving prior properties in good condition and not having a pattern of complaints from neighbors. Applicant should be able to provide references from previous housing providers(s).
· If applicant has prior rental experience, good references from prior landlord(s)
· No prior evictions on applicant(s) record
Pets on the Property:
If permitted by property owner, pets are allowed provided that prior permission has been obtained, and all required documents have been signed by both parties. All pets must be properly licensed if required by city or county law and you have a record of current immunizations.
A completed and signed application is required for each adult applicant. Photo ID must be presented for copy.
To expedite your application process, please provide your property manager (via email or fax) Verification of Income by providing your 2 most recent paystubs or job offer letter. Making sure we can get a hold of your landlord is very important as well.