Application Policy
Prior to filling out an application, please note that:
- The Non-refundable application fee is $45.00 per adult 18 years and older. This fee includes the costs relating to credit screening, criminal background check (only where permitted by municipality), and income verification. Limitless Property Management does not retain any portion of the application fee.
- Photo identification is required to complete the application.
- Application processing does not begin until the fees are received and/or all applicants in the group have submitted and completed their applications.
- We screen tenants on a first come, first served basis regardless of municipality. The first completed application group that meets all the below requirements will be offered a rental agreement.
Rental Application Criteria
Identification:
- Applicants must provide either a driver’s license or another form of signed photo identification
Income Requirements:
- The combined income between all applicants must equal or exceed 2.5x the cost of rent per month
- Income must be legally obtained through a permanent position and verifiable through paystubs, tax documents, or employment offer letters.
- Depending on employment circumstances, income may be verified through tax returns, bank account statements, etc.
Public Records:
- If permitted in the municipality where the prospect is applying for: civil, criminal, and state/federal records which show crime against either property or persons will be evaluated. Exceptions such as the type of offence, evidence of rehabilitation, time that has passed, etc. may be made on a case-by-case basis.
Rental History:
- Current and/or previous verifiable rental history spanning the last two years is required to be listed on the rental application including the email and phone number of landlords.
- If applicable, other acceptable forms of residential history may include mortgage history, school dormitory reference, or employment contracts
Your Additional Information:
- False information as well as either an inability to produce or refusal to produce any of the required information will result in denial of your application.
- Photo identification will not be considered valid unless it contains a signature.
Credit Requirements:
- You’re required to authorize a credit report. Both current and previous credit will be evaluated. Our required credit score rating is 650, but exceptions may be made on a case-by-case basis.
- Other denial instances may include a recorded unlawful detainer action, unpaid collections, an open bankruptcy, or unpaid judgments on the up-to-date credit report that we receive.
- Any negative accounts on the credit report will be taken into consideration with the applicant’s current economic situation.
Inability to meet the above requirements may result in a denial of your application or
approval of your application under the condition of an advance your last month’s rent
payment, increased security deposit, and/or the addition of a co-signer.
Co-signers:
- In the instance or no verifiable credit or rental history a co-signer may be acceptable.
- Co-signers are also required to fill out a rental application and pay the $45.00 application fee.
- Co-signers must at a minimum have an income level of 5x the monthly rent and have no negative credit history of criminal history (when allowed based on municipality).
Next Steps:
The screening process may take anywhere between one to three business days depending on the following circumstances:
– If your application is correctly filled out and all information has been provided.
– Response time from your current/previous landlords may vary.
Once the screening process is complete, all the information provided will be evaluated. At that point, a decision will be made based on a first come, first served basis, and a rental agreement will be offered to the first in line applicant/applicant group.