LEASE APPLICATION POLICY AND REQUIREMENTS

APPLICATION POLICY

Each applicant (i.e. spouses, co-applicants, roommates, guarantors) must complete the Application Requirements listed below and pay the application fee of $30.  Application fees must be paid online at the time of application with a credit card or checking account (there is a $1.95 processing fee for payments with a checking account and a $3.95 processing fee for payments made with a credit card).

Applications are processed only after all required information, documents, application fees and security deposit have been received.

Application processing takes 3 to 5 business days to complete once all application requirements have been received; processing may take longer depending on requirement of additional documentation and receipt of responses from third parties. If additional information is requested, it must be received within 24 hours of request or other applications may be considered.

APPLICATION REQUIREMENTS – STEPS TO APPLY

The following must be completed/provided by each applicant/guarantor:

1. Rental Application – Online:  To apply, please complete online application. Indicate your desired move-in date. Resident must take possession within 7 days of availability. Information provided is used to process a credit/criminal background check.
2. Income Verification:  Email to garylmcafee@gmail.com 1 month of pay statements dated within 30 days of application date with year-to-date earnings data. If self-employed or retired, provide 3 months of bank statements or most-recent tax return.  If you are starting a new job, or have recently started a new job, and do not have pay statements, provide an offer letter or signed letter from your employer verifying your new income.
3. Driver’s License:  Email to garylmcafee@gmail.com a legible copy of your driver’s license or other government-issued photo ID. A photo of your ID is preferred.
4. Security Deposit:  Pay of security deposit online immediately following submittal of online application.  If there is more than one applicant/guarantor application, only one security deposit is to be paid.  Security deposit may be paid online with a personal checking account or credit card.  Payments made with a checking account are subject to a $3 processing fee. Credit card payments are subject to a 2.75%/$9.95 minimum processing fee.  Processing fees are non-refundable and are not a part of the security deposit. Security deposit amounts range from $300 to the equivalent of one month’s rent, depending on the property.  Please see the specific unit’s online listing at AbqHigh.com for the security deposit required.
5. Cancellation of an application after 48 hours of written approval up to 21 days prior to specified move-in date will result in forfeiture of 50% of your security deposit.  Any cancellation of an approved application less than 21 days prior to specified move-in date will result in 100% forfeiture of security deposit.  Applicants who cancel after 48 hours of application approval must wait 2 years to reapply. If application is not approved or if approved application is withdrawn before the 48-hour cancellation period, security deposit will be returned by check within 14 days and mailed to current address on application.
6. Rental Verification and Rental Application Requirements & Policy Forms:  Sign the Rental Verification and Rental Application Requirements & Policy forms.  These forms will be emailed to you to sign electronically within 24 business hours of receipt of your online application and must be completed within 24 hours of being emailed to you.

QUALIFICATION REQUIREMENTS

1. Applicants:  All applicants, with the exception of applicant’s children under the age of 18, must be at least 18 years old.
2. Qualifying Income:  All applicants must have a combined verifiable source of monthly gross income of at least 3 times the monthly rental amount. Equivalent verifiable assets may also be used to meet qualifying requirements by providing proof of other income.  Scholastic Financial Aid is not accepted as income.
3. Guarantors:  Responsible party guarantors will be considered when an applicant does not have sufficient monthly income or when an applicant has insufficient credit history or credit score; applicants with unpaid collection accounts are not eligible to use a guarantor.  Guarantors must be immediate family members (parents, grandparents, siblings or children) and reside in the US. Guarantors may only guarantee a lease for immediate family members; guarantors will not be considered for two un-related applicants to reside in the same unit.  Guarantor must have a verifiable source of monthly gross income of at least 6 times the monthly rental amount and have sufficient available income to meet the rental agreement obligation.  Guarantors also must meet the same FICO score requirements as applicant, complete the credit check form, pay the $30 application fee, provide verification of income and copy of their driver’s license.
4. Rental History/Landlord Verification:  Applicant must provide rental history for the past 2 years or have owned a home during the past 2 years; rental or mortgage history during the previous 2 years must be favorable.  If your rental history is with a family member, you may be required to provide copies of the last 3 rent checks.  If you have a recent foreclosure, your application will be considered and may be approved with conditions.
5. Credit History/Background Check:

a. Credit report must have a FICO Score of 650 or higher to pass

b. Any bankruptcies must be at least one year old with satisfactory credit re-established

c. No unpaid civil judgments or collections, or account charge offs less than 12 months prior

d. No conviction of any household member for any drug-related crime or felony

e. No conviction for DUI/DWI coupled with additional citation (ex: speeding, reckless driving, collision) for the last 3 years

f.  No recent arrest (pending adjudication) of any household member for any drug-related crime or felony

g. Must pass criminal background check

IMPORTANT RENTAL INFORMATION

1. Lease Term: 12-month lease term required. Shorter lease terms are not available. Lease terms may begin anytime during a month (rent is pro-rated for the first month if less than a full month); all leases end at the end of a month regardless of the lease start date (this may result in a lease term of slightly more than 12 months).
2. Occupancy Standards: Limit of 2 persons per unit.
3. Utilities:  Resident pays electricity and water/sewage/trash/recycling to owner. Monthly utility charges are due with rent.
4. Pets/Assistive Animals: Owner does not allow pets.
5. Security Deposit:  One month’s rent.
6. Smoke-Free/Vape-Free Property:  No smoking or vaping within 50 feet of the property, including all outdoor areas.