Statewide Enterprises, Inc. Qualifying Criteria (revised as of February 6, 2023)

As a general rule, the following are our company’s qualifying criteria in regard to approving prospective applicants. Be aware that many times if one or more of the qualifying criteria are not met we may still approve the applicant by requiring an additional security deposit. This is a very complicated decision and it can only be made by the corporate office and not by the On-Site Manager. Currently only the President and one specifically trained corporate office employee are authorized to approve any applicants. As Statewide is very conscious to avoid any perceived discrimination, decision makers do not view any photo identification attached to the application packages during their evaluation.

The following are our qualifying criteria*:

1. Source of Income

An applicant can show proof of a continuous source of income for at least the past 6 months and is at least equal to two and a half times the monthly rent. The source of income should be considered permanent.  Any non-permanent source of income (i.e. unemployment insurance) will add an additional security deposit of one month to an approved applicant. If the source of income is less than two and a half times the monthly rent but equal to or more than two times the monthly rent, this will add an additional security deposit of ½ month to an approved applicant.  This additional security deposit amount will be waived for a FICO score of 720 or above.  Any verified proof of savings funds, divided by 12, could be used to supplement the necessary income required above.  An applicant who does not meet the above requirements shall be subject to rejection.

If you are applying with a co-signer/guarantor and you wish for their income to be considered in addition to yours, their applicable contribution to your income requirement will be calculated by first evaluating their monthly rent obligation, which they will be required to provide on their application. Their monthly rent will be multiplied by 2.5, and subtracted from the gross monthly earnings that they are able to demonstrate via acceptable forms of proof of income. The remaining value will then be added to your income for evaluation against our qualifying criteria. For co-signers with a FICO score of 720 or above, their monthly rent will be multiplied by 2. 

2. Prior Rental History

The applicant should have at least 6 months of positive rental history, which immediately precedes the date of their application, and be able to provide references such as the prior manager’s telephone number. We must be able to contact these references. Rental references from a family member will not be considered sufficient unless proof of payment (i.e. rent receipts, cancelled checks) can be provided. Lack of rental history will add an additional security deposit of 1 month to an approved applicant. An additional deposit of 1 month may also be added for negative feedback received from the reference, however depending on the severity of the feedback received, may constitute an outright rejection of the application. Additionally, proof of on-time rent payment (i.e. rent receipts, cancelled checks) for the preceding three months may be accepted if a reference cannot be obtained for some reason. The aforementioned additional security deposit amount will be decreased to an additional ½ month for a FICO score of 720 or above.

3. Evictions

The applicant can have no evictions or unlawful detainer actions on their record during the past seven years. This would include even an unlawful detainer action without a monetary judgment. In general, an eviction would be an automatic rejection.

4. Criminal Background Check

If the applicant has committed a crime of a nature that can negatively impact a tenancy at our property, then such an applicant will be rejected due to this criminal history. We do not reject an applicant solely based on arrests, indictments, or complaints that did not result in a conviction. Conviction within the past ten years including, but not limited to the following crimes is reason for rejection: murder, burglary, assault, sexual crimes, manufacture or sale of controlled substances, arson, possession of illegal weapons, or passing bad or forged checks.

5. Credit Report & FICO Score

Credit history must be clean with no late payments, judgments or collection accounts with a minimum FICO Score of 720 (to qualify for the standard deposit).

Qualifying criteria #5 may be adjusted by an increase in the security deposit based on the guide below. This increase is in addition to the previous increases in the security deposit listed above. If total increases in the security deposit would exceed two months, then applicant will be rejected. Note that collection accounts relating to rental properties are looked at more negatively than other collection accounts and may result in a rejection (this does not pertain to previous COVID-19 hardship deferrals).

FICO SCORE REQUIRED

720 – Above: Qualifying score (no increase in security deposit)

680 – 719: 1 month security deposit

640 – 679: 1 ½ months security deposit

600 – 639: 2 months security deposit (must meet all other criteria, otherwise will constitute a rejection)

Below 600: Rejection*

No Score With no more than 2 reported collections: 2 months security deposit (must meet all other criteria, otherwise will constitute a rejection)

No Score With more than 2 reported collections: Rejection

No Hit: 2 months deposit (must meet all other criteria, otherwise will constitute a rejection)

*Please note that, for existing tenants in good standing who wish to transfer to a different unit, exceptions to the above requirements may be made at the discretion of Statewide Enterprises, Inc. 

All move-in funds must be paid in certified funds if paid within seven (7) days of the approved move-in date.   

Co-Applicants / Co-Signers

When there are multiple applicants or an applicant(s) and a co-signer, we average out their scores in order to obtain the required deposit. For example, if one applicant has a score of 750 and the co-applicant or co-signer has a score of 600, the average score would be 675, requiring 1½ months of security deposit (assuming all other criteria is met). If one of the applicants or co-signer has a No Score (with no more than 2 collections) or a No Hit, then we use 600 as the number to average with the co-applicants score(s). Keep in mind that any time one of the applicants or a co-signer has a score below 600, regardless of the co-applicants score(s), this would still be an automatic rejection.

Using a Co-Signer

Some weaknesses in an application can be helped with a co-signer. A co-signer is someone who guarantees the agreement. In other words, they promise that if the tenant defaults in any part of the lease agreement, they will be financially responsible for whatever it takes to remedy the matter. If, for example, the tenant does not uphold their financial obligation, then a co-signer is also financially responsible for the balance. A co-signer can be used for applicants with low income, credit or both. To use a co-signer, the co-signer must complete the same application process as the main applicant.   Again, any time one of the applicants or a co-signer has a score below 600, regardless of the co-applicants score(s), this would still be an automatic rejection.  At the time the lease is signed the co-signer will be required to sign the lease as well. The co-signer will not be listed on the Lease Agreement as a tenant, but rather as a guarantor of the Lease. 

Additional Occupant – Qualifying Criteria

In regard to applications submitted for roommate additions, the income requirements described above will not apply.  The minimum FICO score requirement will remain in place and a score of 720 or above will exempt an additional occupant applicant from the tenancy verification requirement.  In all other cases, the tenancy verification requirement is mandatory for roommate applications and, if unable to provide a valid reference, will result in an automatic denial of the application, regardless of the other application components (i.e. FICO score, income). The criminal background check will be reviewed using the same criteria for all potential residents, regardless of financial responsibility. 

Management reserves the right to reject an applicant or prospect for any reason that is not prohibited by law, including rejection due to mistreatment of and/or aggression toward our employees.

Statewide Enterprises, Inc. Disability Accommodations and Modifications Policy

Statewide Enterprises is committed to providing equal opportunity and service to all applicants and tenants in a fair and equitable manner pursuant to Fair Housing Laws.  Requests for accommodations and/or modifications due to disability should be submitted in writing to the corporate office for review via email at customerservice@statewideenterprises.com.  Please note that disability verification from a medical provider, as well as documentation of the requirement for the specific accommodation and/or modification as a result of said disability, may be required in conjunction with the request.  Individuals with additional, specific questions related to their request are encouraged to contact the corporate office for additional information.