Application Criteria

Before you begin:

Dear Applicant,

Thank you for choosing to apply to a Silver River Property Management property! Before going any further in applying for this home, review the screening criteria below.

PLEASE READ THE BELOW INFORMATION AND INSTRUCTIONS FULLY:

Scoring Criteria:

Each adult, age 18 and above, must submit a separate application and pay a non-refundable application fee of $50. The application fee is to be used in full to process the application. The applicant(s) hereby waive(s) any claim for damages for reason of non-acceptance of this application. In addition to this rental application, you are also required to provide a copy of a valid form of identification and proof of income. Prior to submitting the application, you will have the option to attach any supporting documents.

Applications are processed on a point system and scored based upon multiple factors including, but not limited to: rental history, income, employment, criminal and eviction history, debt to income and credit score. If your application does not meet our minimum qualifications, an additional security deposit may be required.

Please note that if your credit report is frozen when we process your application and we are unable to pull your credit, you will need to reapply. Be sure to unfreeze your credit report before submitting this application.

  1. The minimum credit score requirement is 640 with at least 2-yrs credit history or it will result in this application being automatically denied. If multiple applicants are applying as a group, at least one applicant must be over 640, although it will affect your score. If any one applicant has lower than 500, all applications will automatically be denied. Non-resident co-signer(s) must have a credit score of 700 or above.
  2. Total income should be at least three (3) times the monthly rent. If you do not meet the income requirements of making at least three (3) times the monthly rent, it will affect your score. If the combined income is less than 2.5 times the monthly rent, it will result in the application being automatically denied. Non-resident co-signer(s) must earn a total monthly gross income equal to five (5) times the total rent of the selected home.
  3. If your debt to income is over 60%, it will result in this application being automatically denied.
  4. Be prepared to provide 4 years of residential history as well as contact information for your rental references. If you have any open collection from a landlord or property management company, it will result in this application being automatically denied.
  5. If you've had 2 or more eviction filings in the last 5 years, it will result in this application being automatically denied.
  6. If you have an open bankruptcy or bankruptcy discharged in the last 3-years, it will result in this application being automatically denied.
  7. If any information if found to be false, this application could be automatically denied - be sure to answer each questions fully and honestly.

Pet Policy:

All of our properties differ in pet policies regarding what kind of pet, weight, number of pets allowed and additional pet fees do apply per pet. Please take note that Pit Bull's, Rottweilers and any mix containing one of these breeds are restricted breeds and will not be accepted. Other pets are accepted case-by-case basis. Silver River Property Management does accept assistant animals per State and Federal guidelines. If your pet is approved, you will need to pay a non-refundable onetime pet fee of $200.00, per pet.

An incomplete application can delay the process and may result in another applicant being approved while we wait for your information. Once your completed application is received, we can usually complete processing within 48 - 72 business hours.

If approved, there is a $150.00 Lease Preparation / Move-in Fee. You will need to immediately sign the lease and pay the security deposit with certified funds to hold the property.

In the case where we receive more than one application on a property, we will process ALL applications and approve the highest scored applicant. If your application is approved with less points, we do hold applications open for 30 days. You may apply your application towards any of our other properties within those 30 days without having to pay an application fee again.

There is a $5.00 monthly Tenant Administration Fee for all lease agreements.

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SILVER RIVER PROPERTY MANAGEMENT
4201 Northview Drive, Ste 103, Bowie MD 20716
(301) 352-0098

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