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Thank you for considering Corner Post Company LLC for your rental Home. Below, you will find the instructions and criteria required for applying for a property managed by CPC. It is important that you read the information below prior to making application to understand what is required for renting the property. It is disclosed that Corner Post Company LLC has a written brokerage relationship with the Owner of the property to act on the Owner’s behalf with the respect to the leasing and/or management of the rental property. If you have further questions, contact CPC at (505) 265-1241.
Application
§ It is a requirement that each applicant fill out a separate application, and is 18 years of age or older.
§ It is required the entire application is completed on both sides. Failure to supply information can mean denial of the application.
§ CPC accepts only signed applications.
§ If a co-signer is required, the person applying as a co-signer must complete a co-signer application. Ask a CPC representative for this form if needed. It is not company policy to accept a co-signer unless there are extraordinary circumstances and CPC obtains approval from the owner.
§ CPC processes applications after receipt. When there is more than one application pending for the same home, the first qualified application with deposit shall have priority.
§ When making application, applicants must furnish verifiable photo identification such as driver’s license, military ID, state ID, or passport. Identification from merchant stores is not acceptable. All applicants must have verifiable SSN.
§ Deliver applications to Corner Post Company, 4200 Silver SE #D, Albuquerque, NM 87108. If mailing an application, please call (505) 265-1241 for instructions.
The Application/Processing Fee
§ A $30.00 application fee is required for the first two applicants; each additional person is another $30.00, without exception, and the fee is non-refundable.
§ A $30.00 application fee for co-signers is required as well, and is non-refundable.
§ This fee is to cover the costs incurred while processing the application.
Basic Criteria
The general criteria for all applications are good income, credit, and tenant history or ownership, of all applicants, proving the ability to support the rental income and care for the property. Negative findings on one or more of the three areas can cause denial of an application; false documentation is immediate grounds for denial of an application.
Income
§ Total gross monthly income of Single and Married applicants must be equal to, or more than, three times the amount of rent. Married couples and related residents over 18 may combine income. Roommates: Two or more non-related persons should each have a gross monthly income of at least two times the monthly rent. If income is below rental amount guidelines, a qualified co-signer must be obtained. Co-signer must make 4 times the amount of rent. They must live in the US and must come back a full Accept.
§ All applicants are required to provide verification of income and supply reasonable, reliable, and legal documentation on all income; all documentation on income is required in a timely manner.
§ Examples of income are employee records, income tax records, social security documentation, monthly stipends, trust funds, and other sources that will reflect the ability to make monthly rental payments.
§ CPC must be able to verify all income sources, and reserves the right to disqualify applicants for failure to prove income, supply adequate documentation, or prove the ability to support rental payments.
§ Students with limited income must obtain a qualified co-signer.
Credit
§ CPC uses an online screening service for credit reports for all applicants, and does not accept copies of credit reports from applicants, no exceptions. There are five classes of credit; Full Accept, which is good credit, Low Accept, Conditional, Decline and Refer (No history).
§ If a credit report comes back as Low Accept, the applicant must pay a total deposit equal to 1-month rent less $25.
§ If a credit report comes back Conditional, the applicant must pay a total deposit equal to 1-month rent less $25 AND pay 1st and last month’s rent.
§ If a credit report comes back Refer (No history), the applicant must pay a total deposit equal to 1-month rent less $25 or obtain a qualified co-signer.
§ Credit reports that are returned Declined, will be grounds for denial of an application. Applications with no SSN, a false SSN or that shows misuse of a SSN will be declined.
§ Credit reports that come back with “High Risk” Collection warnings will be declined, if they are from an apartment or rental home unless the applicant verifies full payment of the collection.
Rental History or Property Ownership
§ CPC requires a minimum of three (3) years of rental history, and/or homeownership, unless a co-signer is accepted or mitigating circumstances are proven.
§ All references must be verifiable, free of evictions and unpaid rents, and family references are not accepted.
§ Negative references can be grounds for denial of an application.
Criminal History
§ An applicant will result in a decline for the following criminal-related activity within 7 years for misdemeanor and felony crimes.
§ All felony convictions
§ Any drug-related convictions (Both felonies and misdemeanors)
§ Any prostitution related convictions (Felonies only)
§ Any convictions involving a crime against a person or property (Felonies only)
§ Any sex-related convictions (NO TIME LIMIT)
§ Any terrorism-related convictions (NO TIME LIMIT)
Acceptance/denial
§ CPC notifies applicants of acceptance or denial within 1-3 business days of application, unless CPC cannot complete verifications. If more documentation is required, CPC will notify the applicant.
§ If accepted, applicants are required to follow requirements outlined on the CPC Rental Application for completion of renting.
§ All applicants applying together must qualify; denial of one applicant results in the denial of all applicants.
§ Giving false information is automatic grounds for denial.
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