Applicant Requirements
- Minimum credit score of 650 for full approval within the credit range.
- If your credit score is between 600-649 you may be eligible for a conditional approval which will include a double security deposit. CKRM reserves the right to conditionally approve or deny an application based on the findings of the credit report.
- We require a net income of three times the monthly rental amount. This is after taxes and deductions. We will only count income from applicants who meet our credit requirements. (Example, Applicants A and B complete applications and would like to rent a property with a rent of $1000 per month. Applicant A makes $2000 per month, Applicant B makes $1000 per month. Applicant A has a 650 credit score and Applicant B has a 550 credit score. We will not count the income from Applicant B, therefore Applicant A will not meet the income requirements for the property. Applicants A and B will only be eligible to rent a property equal to Applicant A’s income divided by three.) Undocumented income, overtime, and bonuses will not be included in the calculations. You will be required to supply a minimum of three most recent pay stubs and to complete the bank account verification included in our application. Independent contractors must submit the most recent year’s tax return. 1099s, bank statements, etc… will not be accepted as income verification. Applicants will be required to complete the income verification via our Appfolio Software which includes linking a bank account to verify recurring deposits. Offer letters will only be accepted at CKRM’s discretion. Child support will only be considered with court documentation. All income verification is subject to review and approval by Copper Key Realty & Management.
- CKRM does not allow co-signers for credit purposes. Co-signers will only be permitted if an applicant does not meet income qualifications. If a co-signer is used to qualify for this income requirement, and the co-signer will not be occupying the property, the co-signer must make three times the monthly rental rate + their own rental rate or mortgage. The co-signer will have to provide a lease or mortgage statement. An additional $500 deposit will be required if a co-signer is used. Co-signers must reside in Tennessee. No out of state co-signers will be accepted.
- Any bankruptcy must show at least one year of positive credit history after the bankruptcy has been discharged.
- No outstanding (or paid within the last five years) balances owed to a prior landlord.
- No past judgements from a landlord within the last five years.
The following may result in denial of the application:
- Any felony conviction, guilty plea, or no contest plea for any crime, included but not limited to, serious injury, kidnapping, death, arson, rape, sex crimes, or extensive property damage. Any misdemeanor conviction, guilty plea, or no contest pleas included but not limited to, assault, intimidation, property damage, weapon charges, or any sex-related offense.
- A conviction, guilty plea, or no contest plea in the last five years for any Class B or C misdemeanor which includes but is not limited to those involving criminal trespass, theft, fraud, dishonesty, or prostitution.
- Pending charges or outstanding warrants for any of the above will result in the suspension of the application process until the issues are resolved. No unit will be held awaiting resolution of the pending charges.
