The tenant’s monthly income must be three times the monthly rent. This is mandatory. If the tenant cannot document that their income is at least three times the monthly rent the tenant does not qualify.
The background check includes the tenant’s credit history, criminal record, eviction record and also identifies any judgments and bankruptcies that have been recorded against the prospective tenant. LEVINE Asset Management accepts a 620 credit score as satisfactory. If one or more of the tenants’ credit score falls below 620, the tenant’s housing payment history must be reviewed. When all adult occupants have a 620 credit score no additional analysis is necessary. A credit score of less than 620 does not mean that LEVINE Asset Management will not rent to the tenant. In the event that one or more of the tenants’ credit score falls below 620, the tenant’s housing payment history must be reviewed.
LEVINE Asset Management reserves the right to reject a tenant’s application based on Criminal Records, Evictions, Bankruptcies, and Judgments based solely on the inclusion of same on the tenant’s background report.
When LEVINE Asset Management reviews the tenant’s housing payment history, the most recent six housing payments are the payments that are considered. Housing payments can be documented in a few different ways. First, canceled checks are acceptable as proof of payment. Second, bank statements showing the housing payment clearing the tenant’s bank are acceptable. Third, the landlord’s accounting records showing the receipt of the housing payment are acceptable. A letter from the landlord is not acceptable.
Documentation that all six housing payments were received by the landlord or have cleared the tenant’s bank account on or before the 15th day of the month are acceptable. LEVINE Asset Management move in requirement is the First Month’s Rent, and a Security Deposit equal to 1 ½ times the monthly rent amount. Security Deposits will be held in an Interest Bearing Escrow Account, all interest accruing to the account of LEVINE Asset Management.
