Application Process and Approval Criteria
 
Thank you for your application to live at a LumaCorp, Inc. property. We are excited to have you as a resident and look forward to showing you the LumaCorp difference. Our screening system offers prompt results, while working to ensure you the best possible neighbors. There are three forms of approval possible with the LumaChek screening process. The approval type provided by our screening service depends on a variety of factors, including the results of public and private records regarding your credit and rental history. These three forms of approval are:
 
Instant Approval:          Applicants with good payment history, a favorable credit score, no rental housing debts reported, gross monthly income exceeding 3 times one month’s rent (equivalent to a 33% rent/income ratio), no disqualifying criminal history, and have outstanding debt obligations that do not exceed 100% of gross monthly income, may qualify for an Instant Approval based on a proprietary risk score of 38.9 or below provided by our third-party screening service. If you are approved through this method, no further screening will be done, and you can complete the leasing process immediately.
Standard Approval:      Applicants returning a risk score of 39.0 to 50.0, based on the above criteria, will be required to provide current income documentation (paystub showing YTD income, SSI letter, letter of employment if employed at current job less than 30 days, tax return if self-employed) within 3 days of application. Applicants with less than six (6) months with their current employer must have at least twelve (12) months of employment or income from the same documented source within the past eighteen (18) months, and no more than three (3) employers during the same period; or provide proof of full time student status within the past 12 months. If the combined gross income of all applicants is less than 3 times one month’s rent, but more than 2 times (equivalent to a 50% rent/income ratio), and at least one applicant is 65 years old or over, or can provide proof of a disability, or has been a full-time student in the past 12 months; a guarantor may also be allowed with no penalty providing there is no derogatory rental history reported. The guarantor must apply separately, submit a lease guaranty agreement, and qualify for the apartment on his or her own in order for LumaChek to approve the application. If the applicant’s current/previous residence is/was not professionally managed, additional documentation of residence may also be required. Applications approved with a Standard Approval are generally approved within 3 business days or less from receipt of supporting documentation.
Conditional Approval:  Applicants returning a risk score of 50.1 to 73.3 based on the above criteria will be required to provide current income documentation as stated above. Applicants with a gross income less than 3 times one month’s rent, but more than 2 times, may be Conditionally Approved with a qualified guarantor. Applicants who are Conditionally Approved will be required to pay an Additional Deposit equal to one month’s rent.
 
In order to ensure your application is processed promptly, and to provide our residents the best possible living experience, all applications are screened in the same manner, regardless of race, color, creed, religion, sex, national origin, disability or familial status. Each applicant is required to be a legal adult as defined by law and must sign and submit a separate rental application and fee. Spouses may complete one application. Applicants who are not citizens of the United States must also complete a Supplemental Rental Application. Application information may be verified through fax, email, or telephone contact with landlords, employers, or others with relevant information.
 
Should your application fail to be approved, your application fee is not refundable. Any application deposit made will be refunded within 30 days, unless the application is denied for falsification, in which case the deposit is forfeited.
 
In addition to the criteria listed above, all applicants must meet the following criteria for approval:
 
1.   Applications must be filled out completely and accurately, with verifiable information.
 
2.   For your comfort and safety, we do not allow more than three adults (defined as 18 years of age or older) per apartment, or two people per bedroom plus one child under 5 years, whichever is less.
 
3.   Applicants credit report may not show any unpaid rental judgements or rental housing debts opened within the past 36 months.
 
4.   Applicants may not have a credit risk score  over 73.3 on the preliminary credit check.

5.   A history of criminal activity may be grounds for denial of your application. If you are denied for criminal activity, you may present written evidence of mitigating factors or rehabilitation for consideration. Applicants currently pending trial for the offenses listed below, on probation, parole, or serving deferred adjudication will be denied. Arrests are not considered evidence of criminal activity.

Applicants will be denied if they have history of any criminal activity involving Murder, Attempted Murder, or Sexual Offenses.

Applicants will be denied if 10 years or less have elapsed from the completion of a sentence for the following felony convictions:

Drug-Related Crimes
Weapons Violations 
Violence/Injury to Persons (excluding murder or attempted murder)
Other Crimes Against Persons

Applicants will be denied if 7 years or less have elapsed from the completion of a sentence for the following felony convictions:

Theft of Property (excluding bribery, theft by fraud or embezzlement, or theft by check) 
Property Damage

Applicants will be denied if 7 years or less have elapsed from the completion of a sentence for the following misdemeanor convictions:

Drug-Related Crimes
Weapons Violations
Violence/Injury to Persons
Other Crimes Against Persons
Property Damage

Applicants will not be denied for convictions for bribery, fraud, embezzlement, theft by check, or moving violations, including driving while intoxicated or under the influence. Applicants convicted of financial crimes, such as those listed above will be required to make monthly rental payments in certified funds for at least 6 months.

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