MMI Qualification Policy

Please recognize that this policy is strictly adhered to in making the determination as to whether or not an application to rent a property listed with MMI is approved. Should one of our associates find a suitable home for you which is listed by another firm, their qualification policy will govern.

APPLICATION FEE:   

$40 per occupant over 18 (non-refundable)

SECURITY DEPOSIT:

Generally one month's rent due at lease signing.  Some qualifying issues may be overcome with a security deposit of two month's rent.

CREDIT DISCLOSURE: 

Agent may disclose information about applicants' credit history to the Landlord. Applicant is entitled to a copy of any credit information utilized in making the decision regarding an application. Rejections will be in writing with credit information contained in the notice.

INCOME REQUIREMENTS:

All income considered must be verifiable. We reserve the right to require documentation including Tax Forms 1040, W-2 Statements, Schedule C, 1099, etc.

TYPES CONSIDERED:

• Wages, Salaries, Dividends, Reported Tips from any lawful profession or occupation;
  

• Alimony & Child Support
  

• Social Services/SSI (Montgomery Co and Dist of Columbia)
  

• Section 8/HOC (Montgomery Co and Dist of Columbia)
  

• Annuities, Pensions

Note: Mont Co & Dist of Columbia require all sources of income to be considered. Landlord may elect not to accept various sources in other jurisdictions.

* Only verifiable income from persons over the age of 18  years who sign the lease will be considered

* Co-signors may only be considered if qualified, related to the applicant and a resident of the State of Maryland or Washington, DC. Co-signors may be used to help meet income requirements, but cannot be used to overcome credit problems. The applicant must meet 75% of the income requirement without the use of a co-signor before co-signor may be considered.

MINIMUM INCOME LEVELS:

1. Properties where rent includes ALL utilities:

a. WEEKLY income must be at least 75% of monthly rent.

b. Rent plus other debt payments may not exceed 1.8 times the WEEKLY income.

2. Properties where tenant pays utilities:

a. WEEKLY income must be at least 85% of monthly rent.

b. Rent plus other debt payments may not exceed 1.6 times WEEKLY income.

USE OF CO-SIGNORS:

Co-signors may be considered if related to the Renter and a resident of Maryland or Washington, DC.  Co-signors may be considered in order to boost income, but not to overcome credit  problems

Renters must have at least 75% of the required income without the co-signor

Co-signor will have applied all income and income to debt ratios contained within this policy including that 1/4 of the rent for the applied for property will be added to co-signor's debts

RENTAL REFERENCE - Cause for denial

• Damage claims in excess of 20% of the monthly rent charged or any unpaid damage claim:
  

• Any prior lease violations (i.e.: unauthorized pets or occupants, illegal activities)
  

• Subjective view of the prior landlord may be considered such as "tenant was very disagreeable", "tenant was uncooperative", "tenant could not get along with neighbors" or "there have been a lot of complaints"
  

• Prior rental experience is not required, but preference will be given applicants who have favorable rental experience

EMPLOYMENT REFERENCE, if applicable

• Job security is essential
  

• Responsible work attitude is required, (as viewed by employer), as that may effect job security. Areas considered are tardiness, absence, ability to get along with co-workers

CREDIT RATING:

We will run a credit report. The following would be cause for denial:

• Bankruptcy, Repossession, Foreclosure or Eviction within past 2 years. (reduce to 1 yr if no credit problems since and security deposit increased to two month's rent)
  

• Unpaid Liens or Unsatisfied Judgments or Credit Rating of 8 or 9 with any unpaid balance
  

• A Credit Rating of 3, 4 or 5 (60 to 120 days late) with any past due balance
  

• More than 3 Credit Ratings of 2 (30-60 days late) or more than 2 Credit Ratings of 3 (60-90 days late) or 4 (90-120 days late) in the past 2 years
  

• 3 Credit Ratings of 2 or 2 Credit Ratings of 3 or 4 will require two month's Security Deposit.
  

• More than 1 suit for non-payment of rent in the past 12 months.

ORDER OF APPLICANT CONSIDERATION

• Applications are processed upon receipt Monday through Friday.
  

• The first application received which meets the criteria for approval will be accepted.
  

• Notice of acceptance will be given applicant by phone. The property will remain available to other applicants until a deposit is received from an approved applicant and a lease is signed. Properties cannot be held.

* Note: In the event of a delay in the processing of an application due to unavailable information, an application received later may be approved first. It shall be the responsibility of the applicant to be sure adequate information is provided to Agent to permit verification of all income and acquisition of rental reference.

RENTAL POLICIES

• Pets are not permitted (except as may be designated on a particular property by the property owner). In cases where pets are permitted, preference shall be given applicants who do not have pets and extra security deposit money may be required.
  

• Tenants will be required to perform minor maintenance, where permitted by law, all of which will be outlined in the lease.
  

• Tenants are required to purchase Renter's Insurance.
  

• There is no requirement for occupants to be related. Applicants are considered equally without regard to race, color, religion, creed, national origin, sex, familial status, physical or mental handicap or disability, source of income (where required), age, ancestry, sexual orientation, or the presence of children.
  

• We do not rent to full time students who do not provide their own financial support (except where required by law)

OCCUPANCY RESTRICTIONS (in the absence of a policy from the individual property owner)

• Limit: 2 persons in any efficiency or one bedroom unit
  

• Limit: 1 person in any bedroom under 105 square feet.
  

• Limit: 2 persons in any bedroom under 140 square feet.
  

• Limit: 3 persons in any bedroom under 175 square feet.
  

• Rooms less than 70 square feet may not be occupied as bedrooms nor may any other room not meeting fire and safety regulations
  

• DC Properties, 2 per bedroom plus 1 (per DC Law)

RENTAL HISTORY:

• Rental References: Prior rental experience is not required, but preference will be given those applicants with favorable rental experience.
  
• Any damage claims at past rentals in excess of 20% of the monthly rent or any damage claims remaining unpaid would be cause for denial.
  
• Any prior lease violations such as unauthorized pets, unauthorized occupants or drug activity would be cause for denial

Revised 6/2/2004

EQUAL HOUSING OPPORTUNITY