Thank you for choosing Sierra Regency Apartments as your potential new home. The following resident selection criteria is being provided to identify the evaluation process through which your application will be processed.
Application Fees/Holding Deposits
*Application fees are $40.00 for every application processed. Application fees are non-refundable and cover the costs of obtaining information about you, including but not limited to the cost of using a tenant screening service, or a consumer credit reporting service and the reasonable time spent to validate, review, or otherwise process your application. Application fees are deposited on the same business day.
*The apartment holding deposit is $150.00. Holding deposits are paid at the time the apartment reservation is made. All holding deposits are deposited once they become non-refundable. The holding deposit is not refundable when: 1. The applicant has been approved for move-in and 2. Seventy-two (72) hours have expired since the initial deposit on the apartment home was made.
*Payment must be made in the form of certified funds.
Rental Application
All person(s) eighteen (18) years of age or older, and those deemed to be an adult under applicable law with respect to the execution of contracts, will be required to complete their own separate application. Only applications that are fully completed and signed will be processed for consideration. An applicant’s intentional misrepresentation or intentional omission of any information on the application will be sufficient reason for rejection of the application.
Rental Scores
The approval of credit is based on rental scores. Rental scores are relied upon to estimate the relative financial risk of leasing an apartment to you. Scores are calculated using a weighted average of factors and your rental score results from a mathematical analysis of information found in your credit report and application. Such information may include your bill- paying history, the number and type of accounts you have, open bankruptcies, eviction histories, unpaid utility bills, collection actions, charge-off, repossession, outstanding debt, income relationships (rent-to-income and debt-to-income ratios), and other attributes that reflect on your qualifications to meet the terms of your lease.
Because your rental score is based upon real data and statistics, it is more reliable than subjective methods of evaluating your information. Rental scoring treats all applicants consistently and impartially.
Rental Score Recommendations
Approve – This is the most desirable recommendation.
Denial – The community may not proceed with the application.
Income
All households must have verifiable gross rent-to income ratio of at least 33 % of the monthly rent amount. Income must be legal and verifiable. Written verification and proof of all income includes, but is not limited to, current and consecutive pay stubs, social security or other retirement income, verification of welfare, disability, or SSI, income tax returns, unemployment benefits, worker’s compensation payments, bank statements, and trust accounts. Applicants that do meet the income-to-rent ratio of at least 33% will be subject to denial.
|
0 - 33% |
Approved |
|
33.1% - Above |
Denial |
Rental History
Each applicant must have a recent, consecutive, and a minimum of 24 months, verifiable third-party rental or mortgage payment history. Note: Applicants living with family members will not be considered as having third-party rental history.
Application may be denied for the following reason:
- An outstanding debt to a previous landlord
- A public record of an unlawful detainer action or an eviction
- A breach of a prior lease including failure to pay rent timely and non-compliance with rules, laws, and regulations
Personal Liability Insurance
This community does require personal liability insurance. Approved households are required to carry a Personal Liability Insurance Policy. The coverage limit for the personal liability insurance must be maintained at no less than
$100,000.00, per household. You may obtain this through the property program or through the insurance company of your choice.
Photo Identification
All applicants will be required to show a valid government-issued photo identification to confirm identity. If an applicant’s identification cannot be verified, it is grounds for rejection.
Pets.
If pets are accepted, applicants must fill out a Pet Addendum and follow the Pet Acceptance Criteria established for the community.
Water Furniture
Liquid filled furniture over ten (10) gallons is allowed but requires proper insurance coverage and prior written approval. A certification of insurance in the amount of $100,000.00 must be provided prior to bringing any liquid-filled furniture into the household.
Conduct
Applicants may be rejected for conduct displayed during the tour or application process that would constitute a violation of the lease policies. Applicants must display the ability to comply with lease policies.
Denied
Denied applicants will be notified in writing of the reason for denial.
The acceptance and processing of the rental application and its application fee does not constitute a guarantee of acceptance for housing. All applicants must meet the itemized criteria below to be considered for tenancy. All documentation requested during the application process must be submitted immediately. Failure to supply information or documentation within forty-eight (48) hours of the request may result in an application being rejected.
It is the policy of Sierra Regency Apartments to comply with all applicable federal, state, and local fair housing laws and not to discriminate against any person based on race, color, national origin, religion, familial status, handicap, disability, sex, sexual orientation, gender identity, marital status, source of income, age, military status, or any other basis prohibited by law.
It is the policy of Sierra Regency Apartments to consider all requests for reasonable accommodations or modifications when they are necessary to provide a person with a disability an equal opportunity to use and enjoy their apartment home and/or the community common areas.
If you have any questions about our Rental Requirements, please contact Sierra Regency Apartments Leasing office at (916) 483-0385.