Future Resident Guide FKH_FutureResidentGuide_RD7 | Page 12

OCCU PA N C Y S TA N DA R DS A PPLI C AT I O N The following general occupancy standards apply based on 2 persons per bedroom, plus one per home. (Occupancy standards may vary by region based on local laws.) Applicants are required, unless otherwise noted, to pay a $35.00 non-refundable application fee to authorize a background check and additional qualification processes. All Applicants are required to furnish valid identification. Non-US citizens applying to a home may be required to present information acknowledging the individual’s right to live in the United States through the duration of the lease term. Bedrooms Number of Persons 1 3 2 5 3 7 4 9 5 11 Residents who exceed these occupancy standards, will be re- quired, upon the end of the current lease term to either: • Transfer into another available home which has more bedrooms; Properties may not be held off the market in excess of fourteen (14) days without additional the approval of a FirstKey Homes representative. Upon Applicant approval, Leases are required to be signed within 24 hours of generation. In the event Lease is not signed within the 24-hour time period FirstKey Homes may elect to cancel the application and place the home back on the market. Full Security Deposit must be received in local office within 48 hours of lease signing and must be paid with Cashiers Check or Money Order. If funds are not received within 48 hours of lease signing, FirstKey Homes may elect to cancel the lease and place the home back on the market. • Terminate lease. I N CO M E AG E Combined household income must be equal, but not limited to a minimum of three (3.0) times the monthly rent. Applicants must be 18 years of age or older unless deemed to be an adult under applicable law with respect to the execution of contracts. All persons occupying the property need to be identified in the application; this includes all minors under the age of 18. 10 Rental Qualification Criteria • FirstKeyHomes.com If a household has more than three (3) Applicants, Landlord will use only the 3 highest qualified incomes in calculating the combined household income. Applicants that do not meet credit scoring criteria will not be counted towards income qualification. *Example Monthly Rent = $1,000.00 Minimum Combined Monthly Gross Household Income = $3,000 *We consider many factors when evaluating applicant’s ability to pay rent. The example above is for illustrative purposes only and does not guarantee that you will be approved. Employment: Applicants that are employed will be asked to provide proof of income for the past four (4) consecutive weeks unless otherwise advised by a representative of FirstKey homes Additional Income Sources: Social Security, Child Support, Disability, Retirement, and Bank Statements are accepted. • All income should be verified and evidenced by the source of income. If income is not verifiable, FirstKey Homes may request additional information for verification • Job Transfer/New Role: Applicants with an offer of employment or transfer of role from their existing employer is required to provide an Offer Letter and/or Transfer Letter on employer letterhead confirming terms of compensation and start date. The letter should be signed and dated by the offeror. • Landlord may elect to accept pre-paid rent or qualifying Guarantor in instances where income is deficient and cannot be met. CREDIT REQUIREMENTS A review of credit history is entered into a scoring model to determine rental score for each application. The rental score is determined from an analysis of information found in each applicant’s consumer credit report, application, and previous rental histories (if applicable). Consumer reports may include but are not limited to payment history, bankruptcies, number and type of accounts, collection activity, outstanding debt and credit inquiries. In addition, the scoring process includes income-to-rent ratio, eviction records, and subprime credit records. Security Deposit is determined by the score of the application and may result in an increased security deposit for approval. Applicant(s) are subject to further verification at the request of FirstKey representative. O FAC- O F F I C E O F FO R E I G N A SS E T S CO N T RO L An OFAC search is completed for each Applicant. If Applicant appears on OFAC list, the application will be denied. C R I M I N A L H I S TO R Y A criminal background check will be conducted for each applicant and occupant age 18 years or older. Criminal histories presented through applicant screening report pertaining to weapons, drugs, violence, or any other act that poses a threat to household, neighborhood, vendors, FirstKey employees, or the physical property itself, may result in a denial. Denied Applicants may request reconsideration of Landlord decision by providing additional information to assist Landlord in its review of criminal findings. FirstKeyHomes.com • Rental Qualification Criteria 11