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 will depend on a variety of factors, including the results of public and private records regarding your credit, criminal, 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 provided by a 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 good risk score based on the above criteria, but insufficient to qualify for instant approval will be required to provide 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. 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 over the age of 65, 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, 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 with a gross income less than 3 times one month’s rent, but more than 2 times, may still be Conditionally Approved. Applicants must meet the same criteria as above, except that the 65 plus years of age, disability, or student status verification requirement is waived. 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.

Unfortunately, in order to provide our residents the best possible living experience, we cannot approve every application. 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 2 years, whichever is less.

3. 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.

4. Registered sex offenders and those convicted of any violent sex crime will be denied. Any Felony convictions or dispositions resulting in Felony Deferred Adjudication during the past ten (10) years will be cause for an application to be denied. All misdemeanor convictions or dispositions resulting in Misdemeanor Deferred Adjudication within the past five (5) years will be cause for the application to be denied. Only misdemeanor traffic violations may be approved.

5. Any evictions filed or rental housing debts opened on credit report within the past 36 months will be cause for the application to be denied.

RENTAL APPLICATION CHECKLIST

Unless qualified as an Instant Approval as defined in our Application Process and Approval Criteria, we will need the following documentation from the above named applicant (s):

______ Paycheck stub with pay ending date within the past 30 days which covers two payroll periods

______ Most recent copy of Federal Tax Return (1040) for self employed individuals

______ Letter of employment/Offer letter if employed less than 30 days and has not received a paycheck

______ Proof of Full Time Student Status

______ Guarantor application

______ Supplemental Rental Application for Non U. citizens

______ Other __________________________________________________

Failure to provide the necessary documentation listed above within three (3) days will result in the above named applicant (s)’ name (s) being removed from the unit listed above and placed onto a wait lease.