Resident Screening Criteria

Welcome to Catalyst Property Management. Before you apply to lease a property managed by Catalyst Property Management, please take the time to review this screening policy. All persons 18 years of age or older on the date of application will be required to complete separate rental applications. The term "Applicant" under this policy means any person or persons that will be signing the Lease as residents; the term "Occupant" in this policy means any person or persons that are authorized occupants under the Lease, including minor children.

Please also note that these are our current rental criteria; nothing contained in these requirements shall constitute a guarantee or representation by Catalyst Property Management that all residents and occupants currently residing in a managed rental have met these requirements.

1. Occupancy Guidelines – The following occupancy standards are based on 2 persons per bedroom, plus one per home.

• • Three bedrooms: seven persons
  • Four bedrooms: nine persons
  • Five bedrooms: Eleven persons
  • Six bedrooms: Thirteen persons

2. Age - Applicants must be 18 years of age or older unless deemed to be an adult under applicable law with respect to the execution of contracts.
3. Application Fee - Each applicant will be required to pay an application fee of $45.
4. Credit - A credit report will be completed on all adult leaseholders to verify credit worthiness. We will also perform a search of Landlord/Tenant Court records and a Criminal Background check.

Credit Scores - FICO scores, gross household income and monthly debt are all evaluated as a whole to determine an approval. Low credit scores, by themselves, are not grounds for disqualification.

Outstanding Debt (prior landlord) - For all outstanding debt owed to a prior landlord, applicant will have 48 hours to provide proof of payment or prove the debt does not belong to them to have application considered. If not received within 48 hours, application may be declined.

Outstanding Debt (utilities, cash advance or payday loans) - All outstanding collection accounts incurred in the past seven years, for utilities or cash advance or payday loans, in excess of $500 will trigger a decline. Debts below $500 collectively must be paid within 48 hours of a Conditional Approval. If not paid off, the application may be declined. If they are subsequently paid off, applicant must provide proof of payment to have application considered.

Bankruptcies - Applicants with open Chapter 13 bankruptcies will be declined. Fully discharged bankruptcies are not automatic disqualifiers and you may still qualify.

Security Deposit -  A security deposit is required prior to move-in. Deposits are refundable upon move-out, less any charges assessed for damage to the property and any unpaid balance owed at the time of move-out. Deposits may not be applied to first month’s rent or towards rent at any time during the residency. Deposits can be made in the form of money order, certified funds or cashier’s check or a combination of the any of these payment methods.

Property Damage - The purchase of renter's insurance or enrollment in our property damage waiver program is required as a condition to take occupancy of the managed unit.

5. Income – gross income for all applicants in one Catalyst Property Management managed rental will be combined to establish Gross Household Income. All applicants will be asked to produce consecutive and most recent pay stubs demonstrating a minimum of 2 months of income from the application date. Can be demonstrated in any one of the following ways:

• • YTD Paystub => 2 months
  • Prior Year W2 + YTD Paystub
  • Current paystub + prior job paystub = 2 months

Handwritten pay stubs are insufficient documentation for income verification by themselves. Handwritten paystubs must be supported by bank statements and deposits (2 months). A house hold income ratio greater than 2.5 of the monthly rent amount is REQUIRED.

Additional sources of verifiable income may be considered. These sources may include: child support, grants, pensions, GI benefits, disability, trust funds, social security, aide, food stamps, and savings accounts. (The applicant must supply six current consecutive months of bank statements if using any of the additional sources of income listed above and if written verification cannot be provided directly from the supplier). Any non-taxed income will be grossed up by 25%.

To verify income we accept the following:

• Employment - two (2) months verified income in one of the ways described above. Offer letters will be accepted only when the job has started less than 30 days and most recent paystubs from prior job are required. All offer letters must also be verbally verified for authenticity. For future start dates, an offer letter along with prior paystubs can be accepted. A letter of employment on official company letter head may be accepted at the sole discretion of the management company.
• Government Subsidy or Retirement Benefits - recent benefits statement or current print out from issuing agency are accepted. Evidence of direct deposit may be considered with no less than 3 months bank statements.
• Savings, Stocks, or Bonds - savings can be considered in lieu of employment or other monthly income if the vested balance shows at least 3 times the annual rent.
• Self Employed - for self employed persons, we require the most recent tax return and 6 months bank statements and a copy of any relevant business license. i.e. a self employed general contractor will submit a copy of an unexpired contractor’s license.

6. Criminal Background Checks - a criminal background check must be passed before further approval consideration is given. A criminal background check will be conducted for each applicant and occupant age 18 years or more on the date of application. The application will be denied for any of the following related reasons that have occurred within the timeline identified below prior to the application deadline date regardless of the applicant’s age at the time the offense was committed. All records are evaluated from the date of disposition.

Felony Offense Time of Evaluation

• Crimes against a person or property - 7 years
• Theft by check related offenses - 7 years
• Worthless check and/or counterfeit check related - 7 years
• Prostitution related offenses - 7 years
• Weapons related offense - 7 years
• Cruelty to animals related offenses - 7 years
• Felony offenses that do not fall within categories - case by case
• Pre-trial Intervention/Diversion Approved
• Sex related offenses and Terrorism related declined regardless of time

7. Rental or Mortgage History – Catalyst Property Management requires written or verbal Verification of Rent (VOR) or Verification of Mortgage (VOM) on all primary applicants. If a previous landlord cannot be contacted, six (6) consecutive months of proof of payment must be verified and a copy of the lease contract must be provided.

Negative VORs may trigger a decline for any of the following reasons:

• Outstanding debt to a previous landlord or an outstanding NSF check not paid in full
• A breach of a prior lease or a prior eviction or if any applicant or occupant is in the process of eviction
• More than 5 late rent payments and/or 2 NSFs of within the past 12 months
• Documented complaints or damages

8. Guarantors – Guarantors will be accepted for applicants who do not meet the required rent-to-income ratio or denied on credit. Only one guarantor per applicant is permissible. For guarantor-supported applications, guarantor will be required to complete the application and pay a full application fee. Guarantors must have a gross monthly income 3.5 times of the monthly rent and meet all other qualifying criteria identified in this screening policy.
9. Falsification of Application – any falsification in Applicant’s paperwork will result in an automatic denial of application and applicant will not be given the option of reapplying. In the event that an applicant falsifies his or her paperwork, applicant will forfeit any previously paid deposits and fees.
10. Denials - once an application is denied, it becomes inactive for 45 days.
11. Approvals - approvals are good for 45 days from the approved date and will require a new application and income documentation after 45 days.
12. Home Care - Applicants with a Licensed In Home Care Business may also qualify to lease that operate in home care facilities if the following conditions apply:

• • Current licensing in place.
  • Paid by either the State or County.
  • Must reside in the home.

13. Pets - pets are only accepted on properties that state or indicate PETS ACCEPTED. In this arrangement, the acceptance of a pet is still subject to the final approval of each individual property owner. If pet is accepted, the following are also required:

• • A monthly pet rent is required.
  • Vaccination record for each approved pet.
  • Current license of pet.
  • Every pet must be disclosed, apply and receive its own approval.