Accepted Forms of Income
Paystubs - Most recent 30 days of paystubs
Offer Letters - Starting employment within 30 days of occupancy
Tax Returns - 2 most recent years 1040 Tax Returns, W2s are not accepted
Bank statements - Three most recent personal bank statements. Must identify recurring, consistent deposits meeting the qualifying income threshold. Only accepted as proof of income for retired, SSD, and student applicants.
Income Requirements
3x Monthly Rent (Combined Household GROSS Income)
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Unacceptable Forms of Documentation Include
1099s
W-2s
Unemployment Income
Business Financial Statements
Statement of Rental Policy
It is Pegasus Residential policy to provide housing opportunities to all prospective residents who meet resident screening criteria regardless of race, color, religion, sex, national origin, handicap status, familial status or any other state or locally protected classifications.
Applicants for apartment homes will be accepted on a first come, first serve basis and are subject to the availability of the specific apartment type requested. “Available” is defined as those apartments for which notice has been given by an existing resident with intentions to vacate “on” or “about” a certain date. Circumstances, not necessarily under management’s control, may delay the date of availability of an apartment, which management may believe would be ready for a new resident. The availability of a specific apartment can vary significantly within several hours or days.
To be considered for approval, all adults must fully complete an application for residency and meet the screening criteria. The application for residency requires an online payment of a nonrefundable application fee and a reservation fee. Only the reservation fee is refundable (unless false and/or misleading info is provided) upon cancellation within three days of the date in which the application for residency is signed. Any omissions, errors or falsifications may result in denial of an application or could terminate the right to occupy the apartment if discovered after move-in. All applicants must be 18 years of age or older. People with a joint credit record may complete one application or apply for credit separately.
All applications are subject to review and/or approval through an outside third-party application-processing agency, including without limitation income/identity verification performed by a third-party.
Availability of Funds: Proof of available household funds must be provided (approved in certain circumstances) and satisfactory to the community’s scoring criteria. (Three times the monthly market rental rate). Each applicant must provide written proof of sufficient funds. Acceptable proof can be an employment check stubs (one month required), employment offer letter, 2 years of Federal Tax Returns, or such other proof of monthly income, within 72 hours of completing an application.
Resident History: Any applicant with reported rental debt owed greater than $600 will be required to pay the outstanding rental debt and provide 12 months positive rental History to be considered for approval. Positive rental history is defined as not having more than 2 late payments in 12-month period and having no disposition filed in the last 12 months. In the event there is no verifiable rental history, that does not automatically disqualify the application; credit history and proof of available household funds will also be considered.
An applicant with a reported judgement for possession in the past 5 years will be required to provide 12 months positive rental history to be considered for approval. Positive rental history is defined as not having more than 3 late payments in 12-month period and having no disposition filed in the last 12 months.
Credit: A complete credit history from a credit bureau is required. An acceptable accounts payable history, debt to funds history, and FICO score satisfactory to the community is required. Bankruptcy will only be approved if it has been satisfactorily discharged but may require an additional deposit and or fees. All Negative Credit results will be considered for Credit Optimizer automatically; however, final approval under this program is not guaranteed.
No tradeline/thin files - will require clean documentation approval from fraud mitigation software (i.e., Snappt) for the application to be approved. If the property does not have fraud mitigation software the applicant will be denied.
Check Writing History: Check writing history will be reviewed for each applicant. An applicant, with a negative check writing history, if approved, may be required to make payments in the form of an eMoney order.
Pets: There is a limit of two pets per apartment and pets are limited by breed. A minimum pet fee of $350 per pet is due upon move in or when getting a pet payable online or via and eMoney order. Monthly pet rent is $25 which must be paid with full rent payment using the resident online portal or eMoney order. These requirements do not apply to service/assistive animals.
Pet registration and a separate registration fee is also required for all pets. The registration fee per Pet Profile is $30.00 if paid credit card or $25.00 if paid via ACH. There is no Registration fee ($0) for an Assistance or Service Animal, but Assistance or Service Animals must be registered and have a Pet Profile. Pet Profiles are active for one year and must be renewed/re-registered yearly, including payment of the then applicable Registration Fee.
Rental Payment: In addition to other rent payment provisions/policies, you will be required to make rent payments online using an online payment portal or eMoney order.
Criminal History: A criminal background will be processed on each applicant and reviewed in accordance with Fair Housing rules. There is no automatic disqualification based on a criminal conviction. Misdemeanors generally will not affect the decision to rent. Felonies will be reviewed on a case- by-case basis, with consideration to (including without limitation) the crime, severity of the crime and length of time since the commission of the crime. We encourage everyone to apply.
Insurance: You are required to purchase and maintain personal liability insurance covering you, your occupants, and guests, for personal injury and property damage caused to third parties (including damage to your property) in a minimum policy coverage amount of $100,000.
Please ask the representative any questions you have regarding the Statement of Rental Policy
