RENTAL QUALIFICATION REQUIREMENTS - MEMPHIS AND NORTH MISSISSIPPI

  • Crye-Leike Property Management Residential Qualification Policy 3/13/2015
  • Approval contingent on the following criteria:
  • Current credit score above 600 for all prospective tenants over age of 18
  • Positive & verifiable rental history and/or mortgage; no rental evictions, good rental history, no landlord legal action.
  • Gross monthly income of three and one-half (3.5) times the monthly rental amount; must be verifiable income and can be a combined total income for all adults on the lease. Government assistance, court-ordered child support, and other verifiable recurring income can be applied to meet this requirement
  • No active bankruptcy

Conditional approval by property owner / Property Manager possible based on:

  • Current credit score above 560 by at least one prospective tenant over the age of 18. Lack of established credit bureau history resulting in no credit score will be evaluated by owner on an individual basis.
  • Positive & verifiable rental history and/or mortgage; no landlord legal action for 2 years
  • Gross monthly income above three (3) times the monthly rental amount; must be verifiable income and can be a combined total income for all adults on the lease that meet credit requirements. Government assistance and court-ordered child support is considered income. Verifiable cash assets will be considered.
  • No active bankruptcy

Owner / Property Manager will make final decision on all applicants in the conditional range and may require at his/her discretion a cosigner, additional security deposit, or both. If cosigner is needed, they must have 600 credit score and income must be 4 times rental amount.

Application fees/Pet fees

  • All applicants over the age of 18 must be on the lease
  • Application fee $40.00 per each applicant over the age of 18 years *Active Duty Military application fee is waived for applicant. Military discounts apply at $30.00 per each applicant over the age of 18 years
  • $250.00 per pet non-refundable pet fee, plus $10.00 per pet, per month additional rent applies if pets are accepted at the property. The owner may request higher pet fee/rent at their discretion.
  • Applicant has 24 hours following notification of approval of application to rescind and receive refund of "good faith deposit". After 24 hours, there is no refund of this deposit.

FOR RENTAL QUALIFICATION REQUIREMENTS IN OTHER RENTAL AREAS, PLEASE CONTACT THE LOCAL RENTAL OFFICE.