Tenant Approval Policy
Please note: We follow all federal and local fair housing practices and we do not make exceptions to our approval policies.
- Gross income at least 3x the rental amount. *Only two applicant’s incomes will be included to reach this threshold.
- Verifiable rental history (or excellent payment history if homeowner) for the last three years.
- Accounts in good standing (medical and student loans excluded)
- No evictions in the last 5 years.
- No money owed to a former landlord (regardless of length of time)
- No felony convictions within the last 5 years – over 5 years on a case-by-case basis.
- Inaccurate, falsified, or incomplete information will be grounds for denial.
- Pets are a case-by-case basis per property owner, and we do not allow dangerous breeds. All applicants must complete Pet Screening application.
Credit Score and Security Deposit Requirements: Our credit score requirements are based on the highest credit score of the applicant(s), and is as follows:
- 700+ with security deposit equal to one (1) month’s rent.
- 650-699 with security deposit equal to one and one quarter (1.25) month’s rent.
- 620-649 with security deposit equal to one and one half (1.5) month’s rent.
- We reserve the right to deny applicants with credit scores below 620.
Proof of income Requirements:
- Employed: last two months pay stubs or signed offer of employment contract in the event you have not been employed for at least two months.
- Self-Employed: last year’s tax return along with your last two month’s bank statements.
- Retired: your most recent retirement account statement showing a minimum of 3x the rent x 12 months in account.
- Disabled: your monthly payout verification documentation, along with your last two month’s bank statements.
- Child Support: a copy of your signed court order, along with your last two month’s bank statements.
- Co-signers: co-signers must show proof of income 4x the rental rate, plus have a credit score above 700. Co-signers are only used as a source of income. Applicants must still meet all other approval criteria on their own merit, and we require co-signers to be responsible for all rental payments and security deposits.
- Section 8 or rental assistance: voucher or other documentation must be submitted along with the tenant's rental application.
- LPG also takes into consideration your debt-to-income ratio during the approval process.
If approved for a home with Longmont Property Group, you will have until 5:00pm the day after to electronically sign your lease and you will have until 5:00pm the day after you have signed your lease to pay your security deposit plus first month’s rent (and any applicable pet fees)