Rental Application Criteria & Guidelines

Rental Criteria and Processing Guidelines

The application fee is a non-refundable payment for application processing which may include credit, criminal, public record and eviction record checks.  The application fee is not a rental payment or security deposit.  This amount will be retained by Landlord to cover the cost of processing the application as furnished by the Applicant, regardless if the Applicant is approved or denied.  THIS APPLICATION IS PRELIMINARY ONLY AND DOES NOT OBLIGATE LANDLORD TO EXECUTE A LEASE OR TO DELIVER POSSESSION OF THE DWELLING UNIT TO APPLICANT.  AN APPLICATION APPROVAL IS NOT A RENTAL AGREEMENT.  A RENTAL AGREEMENT IS NOT BINDING UNTIL THE DEPOSIT OBLIGATION HAS BEEN SATISFIED AND THE AGREEMENT IS SIGNED BY ALL PARTIES.  THE LANDLORD RESERVES THE RIGHT TO RESCIND OR MODIFY THE TERMS OR ANY OFFER UNTIL THE AGREEMENT IS BINDING.  

Landlord shall not be liable to Resident for any damages whatsoever for failure to deliver possession on the Move-In Date.  Landlord will notify Applicant of denial or acceptance in writing via email, or via phone if Applicant does not have an email address.  If the Application is accepted and Applicant fails to sign a lease agreement and pay the deposit within 24 hours of the application approval, the property will be made available to other prospects. If the application is pending for more than 24 hours, Landlord will move forward with other prospects.  The application may be processed upon receipt unless there is another application already being processed.  When multiple applications exist, for which processing has not been started on any one application, then applicants will be competing with one another on the basis of the stated approval criteria and availability date.

Applications must be complete before they will be processed (including all co-applicants).   The application fee must be paid before applications will be processed.  The application fee is $54 per adult.  If the information provided in the initial application is not sufficient to make a decision or evaluate the application MOD Properties reserves the right to request additional or supporting documentation.  Complete applications must have all fields completed, photo ID and income documentation attached which is sufficient to MOD Properties in it's sole discretion.  

An application is required by anyone 18 and over.  

Approvals are valid for 30 days only.  Applicants may not re-apply within 30 days.

A group of co-applicants and/or co-signers may not modify the composition of their group if their application is declined.

The application fee amount accounts for the $25 actual expense incurred by MOD Properties in securing credit and criminal reporting and the average employee costs of $48.30 incurred by MOD Properties to administer,  process, and review applications. This average is calculated from regular tracking of the amount of time spent on these items -- per CO HB19--1106. 

For move in after the 22nd of the month the pro-rated amount for the remainder of that month and rent for the following month will be due at move in.  Payments can be made via your tenant portal but if move in is less than 5 days away at least either the rent or deposit shall be required to be paid via a cashier’s check or money order.  A $69 fee will be charged for any move in that is less than 5 days from lease signing or for move in's requiring an in person meeting to transfer possession or receive delivery of certified funds due at move in.  Renters insurance will be required prior to move in which lists the property owner and MOD Properties as additional insured and has a minimum of $300,000 in liability coverage.

Income

must be at least 2.5 times the rent for a gross income and verifiable by a 3rd party. Income must also be stable and recent promotions, raises or employment changes will be considered at manager's discretion. For employment of less than 2 years we will require prior employment details. Savings and/or assets may be considered in lieu of income, also at MOD Properties sole discretion.

Credit

must be satisfactory to MOD Properties and is evaluated on a case by case basis. No application will be considered for anyone with an open bankruptcy. There is no set score requirement, but credit must be reasonable and most recent two years of history will be weighted most heavily. Excess collections, bounced checks, late payments and landlord related collections will typically result in application being declined.

Rental History

must be provided for at least the last 2 years and must be satisfactory. Prior evictions will be evaluated on a case by case basis but evictions over 5 years old will not be counted against the applicant. Rental references/employer references must be satisfactory to MOD Properties in its sole discretion and may not come from a relative or property where you are not on the lease as a responsible party.

Criminal Background

must be free from felony convictions going back 5 years. Offenses that require registration as a sex offender, are classified as homicide or stalking and methamphetamine distribution or possession will result in application being declined regardless of the time frame. Other offenses more recent than 5 years may be considered depending on the details of the charges.

Co-Signers

are not allowed except on request and with approval of MOD Properties. Co-signers must have sufficient income to afford rent in addition to current personal obligations. Co-signers may be allowed for applicants with insufficient income or rental history only (not both) and not as a supplement for an applicant with derogatory credit. Leases with a co-signer will automatically require a double deposit.

Emotional Support and Service Animals

will require documentation dated within 6 months of the application date.