This is the Application Acceptance Policy of Posong Properties, LLC. Your rental application is a request for an extension of credit and is therefore subject to federal and state jurisdiction. In compliance with the rules set forth, the following criteria will be used in fairly determining your eligibility.
NON-REFUNDABLE APPLICATION FEE of $30: A separate rental application for EVERY person over the age of 18 intending to occupy the property is required, even if they will not be responsible for paying rent. All responsible applicants agree to pay $30 non-refundable application fee for each application via Zelle/Venmo/PayPal to our email address posongllc@gmail.com or Cash for review of credit, eviction, and criminal reports, verification of employment and rental history, income and other pertinent data necessary for the approval of the application. If an application is approved and a lease has been signed thereafter, the applicant will be reimbursed for the application fee during the second month of stay. We are prohibited from distributing credit reports to applicants. Please be advised that you will not have access to your credit report following the submission of your application.
Credit Report: A credit report will be obtained from all responsible parties. A minimum credit score of 620 is required for consideration.
Income: The verifiable household gross income must be at least three times the monthly rent for up to three applicants. Employment verification must be obtained on all responsible applicants. Applicant is encouraged to email all necessary documentation to assist with this verification. Acceptable documentation can take the form of paychecks, paycheck stubs, bank statements, and any other documents proving employment and/or income. Self-employed applicants will be required to provide 3 months of personal bank statements showing proof of deposits. Company bank statements will not be accepted. Newly employed applicants can use an offer letter on company letterhead as proof of employment. Phone verification will also be done on all applicants.
Rental History: Verifiable rental or mortgage history from a non-related person must be obtained on current and previous residency for the last (2) years. Rental history must reveal timely payment and fulfillment of the contractual agreement. More than one late payment per year, prior evictions or eviction filings, or any balance owed to a previous landlord when move-out will automatically disqualify the applicant.
Criminal History: A criminal background check will be run on all applicants. Applicants with a felony in the past 10 years or any violent crimes or sexual offenses, regardless of time, will result in an automatic disqualification.
Reservation of the Property: The rental property will not be taken off the market and reserved until (1) either a holding deposit agreement has been signed, and the required holding deposit (equal to one month’s rent) has been paid, (2) or a lease agreement has been signed, and the required security deposit (equal to one month’s rent) and initial rent payment have been paid.
Move-in Cost: Total move-in cost for our rental properties is usually the first month’s rent plus security deposits (or holding deposits) equal to one month’s rent with approved credit. Non-refundable pet fee is $300 for the first pet, $200 for each additional pet, plus $30 pet rent per month.
Payment Method: Holding Deposit, Security Deposit, Initial Rent payment, etc. must be paid via Zelle/Venmo/PayPal to our email address posongllc@gmail.com or Cash.
Adverse Action Notice: Application can take several business days to process. All applicants will receive, in compliance with state and federal laws, a notice of acceptance or rejection by either email or text in the time provided by law. We reserve the right to notify applicants of a conditional approval that may require additional deposits or increased rental rates.