Before going any further in applying for this home, please read the below application criteria and instructions fully.
In general, all applicants must meet the following requirements to qualify:
**Income:**
– The household income should be calculated at 75% of the gross income, then multiplied by 52 to determine the annual net income. example: If the gross weekly income is $1,000, the net annual income would be $1,000 x 0.75 x 52 = $39,000.
– Applicants must provide substantial liquid assets proof if derived from the sale of a home or settlement.
– Two written income verification are required for biweekly payments, or four if paid weekly.
– Newly hired individuals must provide an offer letter stating income and position.
– Self-employed individuals need to present the last two years’ tax returns.
– Government assistance recipients must qualify for the portion of rent they are responsible for.
**Debt:**
– Total debt must not exceed 36% of the annual household income.
**Credit History:**
– A satisfactory credit history is required, with a minimum credit score of 620.
– Credit reports will be pulled for every occupant aged 18 and over; outside credit reports are not accepted.
– The credit report should have no defaults, consistent late payments, outstanding judgments, or collection items.
– Consideration for challenged credit will only occur after a 60-day listing period and if the owner agreed to offer the property at a reduced credit rating at the time of listing.
– If the applicant owns property, qualification will be based on the mortgage cost plus the rent for total debt to income qualification.
– A minimum of 3 trade lines is required on the credit report.
**Rental History:**
– A minimum of 12 months of satisfactory rental history with no late payments is required.
– Prime Resource Property Management will conduct a nationwide check of Landlord/Tenant Court records.
**Employment Verification:**
– Employment will be verified to ensure stability and ability to pay rent.
**Criminal Background Investigation:**
– A criminal background check will be conducted for all applicants.
**Co-signers:**
– Co-signers are not permitted under these rental qualification guidelines.
FAIR HOUSING POLICY: Prime Resource Property Management, WILL NOT DISCRIMINATE. Prime Resource Property Management firmly believes that choosing a home directly impacts the hopes, dreams, aspirations, and economic destiny of those involved. It is for this reason that we are committed to the letter and spirit of the Federal Fair Housing Act, and all other federal and state laws enacted to guarantee a housing market free from discrimination.
9470 Annapolis Rd Suite 315
Lanham, MD 20706
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