Rental Application Criteria & Guidelines

Rental Criteria and Processing Guidelines

I understand 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.   To facilitate the prompt processing of tenant’s application, Tenant agrees and consents to make and receive all communications and notices necessary to process tenant’s application electronically including via websites and email.  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.  Applicants who do not respond for more than 4 business days during application processing, may have their application canceled without a refund of the application fee.  The application may be processed upon receipt unless another application is 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.  For applicants that do not meet the approval criteria, conditional approval may be granted with a requirement for an additional deposit of up to the equivalent of two months of rent.  The maximum amount of all deposits shall not ever exceed an amount equivalent to two months of rent.

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.  Incomplete applications may be declined if applicant fails to provide the missing information.

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 is less than the $39.45 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 business 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 business 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.

Portable Tenant Screening Reports (PTSR): 1) Applicant has the right to provide MOD Properties with a PTSR that is not more than 30 days old, as defined in § 38-12-902(2.5), Colorado Revised Statutes; and 2) if Applicant provides MOD Properties with a PTSR, MOD Properties is prohibited from: a) charging Applicant a rental application fee; or b) charging Applicant a fee for MOD Properties to access or use the PTSR.

If Applicant provides MOD Properties with a PTSR:
a) the PTSR must be available to MOD Properties by a consumer reporting agency/third-party website that regularly engages in the business of providing consumer reports; b) the PTSR must comply with all state and federal laws pertaining to use and disclosure of information contained in a consumer report by a consumer reporting agency; and c) Applicant certifies that there has not been a material change in the information in the PTSR, including the Applicant’s name, address, bankruptcy status, criminal history, or eviction history, since the PTSR was generated.

I have reviewed and agreed to the rental criteria.  Landlord shall have the continuing right to review and obtain this credit and criminal information, rental application, payment history and occupancy history for account review, improving application review methods, and all other purposes.  If approved, Applicant shall have a continuing and on-going duty to update all the information provided on the Application.  Applicant acknowledges that Landlord may enter into a Lease in reliance on the information contained in Applicant’s rental application and any and all other information provided to Landlord by Applicant.  Applicant shall promptly notify Landlord in writing of any subsequent change in the information provided by Applicant on Applicant’s application.

Landlord does not have a duty to verify and does not represent or promise that it will verify, the accuracy or the answers provided in the Application of any applicant.  Furthermore, Landlord has no duty, and expressly disclaims any obligation, to perform a criminal background check on each applicant.  Landlord does not represent or guarantee that all residents have no prior criminal record or background.  Landlord’s approval or denial of this Application is based on information provided by independent third parties.  Landlord makes no representation as to the accuracy of the information that Landlord obtains from third parties in approving or denying this Application.  Landlord hereby disclaims any liability for the accuracy of such information that Landlord obtains pursuant to Applicant’s consent.  Applications are accepted online only unless a paper copy is requested as part of a reasonable accommodation for a disability.  If there are any discrepancies in approval criteria and polcies listed online or elsewhere then language in this application shall control.

MOD Properties is an equal opportunity housing provider and adheres to Fair Housing Laws. MOD Properties does not discriminate against any person based on race, color, religion, sex, national origin, familial status, disability, veteran status, marital status, source of income, sexual orientation, gender identity or any other protected class under applicable federal, state, and/or local law.

Tenant acknowledges receipt of the Brokerage Disclosure to tenant found on MOD Properties website and agrees to sign a copy of the disclosure prior to being presented with a lease.  A link to the disclosure can be found on tenant page on our website or at https://www.modprop.info/Brokerage-Disclosure-Document

Income

must be at least 2 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 MOD Properties' sole discretion. For employment of less than 2 years, we will require prior employment details. Cash assets may be considered in lieu of income.
For any applicant who will receive housing assistance or rent subsidy income calculations are done considering only the tenant portion of the rent payment. Applicants receiving housing or assistance or a subsidy such that their portion of the rent is $0 may list n/a for income/employment-related questions or list contact information for their assistance provider. In addition, credit requirements will not apply to applicants receiving housing assistance or subsidy.

Credit

must be satisfactory to MOD Properties and is evaluated on a case-by-case basis.  There is no set credit 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.  Prior evictions will be evaluated on a case by case basis but evictions over 5 years old will not be counted against the applicant.  No application will be considered for anyone with an open bankruptcy.

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.

Support/Emotional Support Animals

will require documentation dated within 24 months of the application date.