Residential Rental and Occupancy Criteria
Thank you for your interest in our community. Ventura Investment Co. and its affiliates comply with equal housing opportunity laws, including applicable : (a) Federal Fair Housing laws, including prohibition against discrimination against any person based on race, color, religion, sex, national origin, disability status or familial status; and (b) State laws, including prohibition against harassment and discrimination in housing because of age, source of income, medical condition, arbitrary characteristics, gender identity, sexual orientation, marital status, ancestry and/or retaliation for protesting illegal discrimination.
The following criteria are required for all applicants:
1. Application. An application must be completed by all applicants who are 18 years of age or older or an emancipated minor. All applicants 18 years of age or older must be included as a leaseholder on all rental documents. Rental applications are processed simultaneously on all prospective leaseholders over 18 years of age. The applications require information concerning income, rental history and information (e.g. a credit application) necessary to obtain a credit report.
2. Occupancy. The maximum number of persons per apartment unit shall not exceed, and is limited to, two (2) occupants per bedroom plus 1.* [*A child less than one (1) year old is not included in the occupancy limit.] The maximum occupancy is as follows:
Studio: Maximum 2 Residents
One Bedroom: Maximum 3 Residents
Two Bedroom: Maximum 5 Residents
Three Bedroom: Maximum 7 Residents
Four Bedroom: Maximum 9 Residents
If during the lease term there is a change in the household/family status either: (a) impacting the number of occupants; or (b) a child less than one (1) year old at the time of rental has reached one (1) year of age during the lease term, the current residents at the end of the lease term will be required to move to another unit within the community (if available) to comply with occupancy limits, or move from the community. To move within the community, the residents must complete a new rental application and show verification to substantiate income equal to or greater than 2.5 times the market rent of the unit applied for, and provide the type of income documentation listed in Section 5. Rent for a new unit will be at the rental rate at the time the lease is entered into for the new unit.
3. Identification. All applicants and occupants 18 years of age or older (including those without a Social Security number) must present a valid government issued photo ID (passport, photo ID card, or driver’s license).
4. Income Requirements. Applicants must have a minimum gross monthly household income equal to or greater than 2.5 times the market rent of the unit applied for to qualify. An applicant may be approved with gross monthly income equal to or greater than two (2) times the market rent only if: (a) both the present and immediate past landlords give excellent references regarding payment of rent, and (b) the total monthly rent amounts for both the immediate and past rental residences equal or exceed the total market rent of the unit applied for.
5. Proof of Income. All applicants must provide verifiable proof of income to meet the income requirement, which includes one of the following:
• Copies of last one month’s payroll check stubs with YTD total showing two months of employment. [Note: the Leasing Agent/Resident Manager will call applicant’s current employer to verify stated salary information.] • Previous year W-2 or 1099 and two months’ bank statements.
• Copies of two consecutive bank/financial statements demonstrating monthly deposits equivalent to 2.5 times the market rent amount.
• Proof of child support and/or spousal support payments on court ordered documents.
• Employment offer letter on company letterhead verifying income and terms (acceptable until paystubs have been generated). Lease holder(s) employed in a position where income includes tips, bonuses or commissions may be considered self-employed.
Self-employed and/or High Net Worth Individual
• Proof of trust fund income.
• Must provide previous one years’ personal income tax return and two months of personal bank statements as evidence of sufficient income of at least 2.5 times the market rent amount of the apartment.
• Proof of school grant, stipend, scholarship and/or any additional supporting documents stating income requirements are met for the full lease term.
• Proof of retirement or trust fund income.
• Proof of social security income, disability or other government income.
• A Letter of Credit in the amount of the entire lease obligation from applicant’s bank.
• Proof of assets that show at least 2.5 times the market rent amount of the apartment for the full lease term.
6. Scoring Of Your Consumer Credit Report. This community uses an independent credit reporting agency, Corelogic, to obtain and evaluate your consumer credit report. Your consumer credit report contains information about you and your credit experiences, including but not limited to such items as your bill-payment history, the number and type of accounts that you have had late payments, collection actions, outstanding debt and the age of your accounts. Corelogic may also obtain, review and evaluate other relevant criteria about you, including but not limited to information regarding any judgment in an unlawful detainer action that was previously entered against you. Based on its evaluation of your consumer credit report and any other relevant criteria, Corelogic sends a recommendation regarding your application. Based upon the recommendation, your application will either “pass”, “pass with conditions” which will require that an additional security deposit be paid; or “fail.” If Corelogic makes a recommendation of “fail” or “pass with conditions”, you will be given the name, address and telephone number of Corelogic and of the consumer reporting agencies that provided your consumer information to Corelogic, as well as other information required by law. You have specific rights under federal law with respect to your consumer credit report.
7. Conditional Applications.
• When a Corelogic application recommendation is returned as “Pass with Conditions”, the household will be required to pay an additional security deposit to the current standard deposit, or provide a co-signer.
• Applicants with an outstanding non-sufficient funds (NSF) check will result in a Corelogic recommendation of “Pass with Conditions”, and such applicants will be required to make all current and future payments by cashier’s check or money order for the term of the lease.
• When an application recommendation is returned as “Pass with Conditions,” applicants and any co-signer(s) must substantiate income provided on the application. Refer to Sections 5 and 9 for forms of income verification.
8. Declined Applications. (if any of the following apply, the application will be declined):
• Unable to provide a valid government-issued photo ID.
• Falsification of the Application.
• Any applicant with an outstanding unpaid rental and/or utility collection debt.
• If the bank returns the application fee or holding deposit check.
• Anyone having an unsatisfied monetary judgment currently pending against them.
• Bankruptcy filing that has not been dismissed or discharged.
• Criminal Record – Criminal convictions, depending upon the nature and security of the offense and the time that has passed since the conviction occurred. Such offense may include, for example: sexual assault, domestic violence; discharging a firearm; gang participation; drug manufacturing; animal abuse; burglary; vandalism; assault; disorderly conduct; stalking, etc. An application also may be denied if the information available regarding a conviction is insufficient to allow proper classification.
• Co-signer must show verification to substantiate income equal to or greater than 2.5 times the effective rent using the type of documentation listed in Section 5.
• Co-signers must complete an application and be processed through Corelogic as a cosigner.
• Co-signers must sign the Guarantor Agreement but will not be a leaseholder and will not have access to the apartment.
• Co-signers must sign the Guarantor Agreement in person using a valid government-issued photo ID or furnish a notarized Guarantor Agreement prior to move-in.
• Co-signers may be accepted for applicants with a recommendation of “Pass with Conditions.”
10. Rental History Verification. Landlord verification may be required based on an applicant’s credit history.
11. Guarantor Acceptance. Ventura Investment Co. properties accept guarantors on an individual basis. Applicants with little or no established credit and/or rental history and/or income requirements may be accepted provided applicant obtains a qualified co-signer to act as guarantor. Guarantors will not be accepted in lieu of negative credit or rental history. The guarantor must complete an Application To Rent and comply with these Residential Rental Criteria. A Guarantor takes full responsibility for the Rental Agreement and supporting documents, in the event the occupant defaults.
12. Vehicle Regulations. Parking space is limited; therefor the number of vehicles per apartment is limited. Vehicle parking is limited to that specified for each property. All vehicles must be operational with current licensed registration. Non-operational, commercial, recreational, trailers and watercrafts of any kind are prohibited.
13. Pet Regulations. Pet restrictions vary at each of the Ventura Investment Co. properties. If allowed, a maximum of two (2) pets per apartment is permitted. All animals are subject to size and breed restrictions, management approval and community policy compliance. There are no exotic or poisonous animals allowed in the community at any time. Under the Americans with Disabilities Act (ADA), a service animal is permitted with verifiable documentation that the animal is aiding in the assistance of a leaseholder. Since a service animal is not a pet, a pet fee or pet deposit cannot be charged. Please see the community for pet restrictions.
14. Insurance Requirements. Renter’s insurance is required at all communities as a condition of residency with a minimum personal liability coverage of One Hundred Thousand Dollars ($100,000). Personal property coverage is not required, but recommended.
15. Application Fee. A non-refundable application fee will be required per applicant. The payment of this fee does not guarantee approval of residency. The application fee is used to cover the out-of-pocket cost (including consumer credit report) and administrative labor associated with processing the application. If an application fee is returned or rejected for any reason then the applicant will be charged a non-sufficient funds fee. This fee will be due along with the original amount and payable in certified funds.
Acknowledgement. I have read, understand, and fully accept the above as qualifying standards and rental policies of this community. Further, by signing below, I authorize a credit report to be prepared by the Ventura Investment Co. community listed below.
Community name: _________________________________
All application(s), fee(s) and necessary supporting documents must be received within 72 hours or the apartment will be available for lease in the open market.