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Lake Michigan Property Management

Lake Michigan Property Management
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screening criteria

See below for an outline of our screening criteria. If you have any specific questions, please contact a company representative for more detailed information. Most credit related issues may be overcome by a qualified cosigner.

Criteria For Properties Priced over $1700/Month
  1. Credit score must be at least 650.
  2. Monthly income must be at least two and a half times the monthly rent amount.
  3. No bankruptcies within the past 5 years.
  4. No more than 1 accounts in collection.
  5. No more than $500 past due debt (medical bills and student loans disregarded).
  6. No evictions or landlord judgements within the past 10 years.
  7. No outstanding utility collections or unpaid utility bills.
  8. Felonies on a case by case basis.
  9. All of our properties require Renters insurance ($100,000 liability) for each tenant.
Criteria For Properties Priced up to $1700/Month
  1. Credit score must be at least 600.
  2. Monthly income must be at least two and a half times the monthly rent amount.
  3. No bankruptcies within the past 3 years.
  4. No more than 3 accounts in collection.
  5. No more than $1000 past due debt (medical bills and student loans disregarded).
  6. No evictions or landlord judgements within the past 10 years.
  7. No outstanding utility collections or unpaid utility bills.
  8. Felonies on a case by case basis.
  9. All of our properties require Renters insurance ($100,000 liability) for each tenant.
Criteria For Properties Priced up to $1200/Month
  1. Credit score must be at least 550.
  2. Monthly income must be at least three times the monthly rent amount.
  3. No bankruptcies within the past 2 years.
  4. No more than 4 accounts in collection.
  5. No more than $1500 past due debt (medical bills and student loans disregarded).
  6. No evictions or landlord judgements within the past 5 years.
  7. No outstanding utility collections or unpaid utility bills.
  8. Felonies on a case by case basis.
  9. All of our properties require Renters insurance ($100,000 liability) for each tenant.
Criteria For Individuals With Section 8 Assistance
  1. For applicants using a Section 8 housing voucher, the combined gross income must meet or exceed three times their rent portion as outlined by the voucher program. The applicant must coordinate with their voucher program to provide a rent determination based on the property they’re applying for.
  2. No bankruptcies within the past year.
  3. No more than 5 accounts in collection.
  4. No more than $2500 past due debt (medical bills and student loans disregarded).
  5. No evictions or landlord judgements within the past 3 years.
  6. No outstanding utility collections or unpaid utility bills.
  7. Credit score must be at least 500.
  8. Felonies on a case by case basis.
  9. All of our properties require Renters insurance ($100,000 liability) for each tenant.
GUARANTOR CRITERIA
  1. Credit score must be at least 700.
  2. No more than one item in collection.
  3. No more than $500 past due debt (medical bills and student loans disregarded).
  4. No bankruptcies within the past 7 years.
  5. Monthly income must be at least 4 times the monthly rent amount.
  6. No outstanding utility collections or unpaid utility bills.

Residents

Lake Michigan Property Management Rental Qualification Criteria

Lake Michigan Property Management evaluates all applicants using a combination of credit history, rental history, income, debt obligations, payment history, and background screening. The criteria below represent the minimum standards generally required for approval. Meeting these standards does not guarantee approval, and applications are evaluated consistently in accordance with all applicable federal, state, and local fair housing laws.

  1. Applicants should generally demonstrate credit consistent with a score of 650 or higher.
    Applications with lower scores may still be considered based on overall credit history, payment
    history, debt obligations, rental history, and other compensating factors.
    2. Gross monthly household income must be at least 2.5 times the monthly rent.
    3. No bankruptcies within the past 5 years.
    4. No more than 1 account in collections.
    No more than $500 in past-due debt (excluding medical debt and student loans).
    5. No evictions or landlord judgments within the past 10 years.
    6. No outstanding utility collections or unpaid utility balances.
    7. Criminal history is evaluated on an individualized, case-by-case basis in accordance with applicable
    fair housing laws.
    8. Renters insurance with a minimum of $100,000 in liability coverage is required for all residents.
  1. Applicants should generally demonstrate credit consistent with a score of 600 or higher. Applications with lower scores may still be considered based on overall credit history, payment history, debt obligations, rental history, and other compensating factors.
  2. Gross monthly household income must be at least 2.5 times the monthly rent.
  3. No bankruptcies within the past 3 years.
  4. No more than 3 accounts in collections.
  5. No more than $1,000 in past-due debt (excluding medical debt and student loans).
  6. No evictions or landlord judgments within the past 10 years.
  7. No outstanding utility collections or unpaid utility balances.
  8. Criminal history is evaluated on an individualized, case-by-case basis in accordance with applicable fair housing laws.
  9. Renters insurance with a minimum of $100,000 in liability coverage is required for all residents.
  1. Applicants should generally demonstrate credit consistent with a score of 550 or higher. Applications with lower scores may still be considered based on overall credit history, payment history, debt obligations, rental history, and other compensating factors.
  2. Gross monthly household income must be at least 3 times the monthly rent.
  3. No bankruptcies within the past 2 years.
  4. No more than 4 accounts in collections.
  5. No more than $1,500 in past-due debt (excluding medical debt and student loans).
  6. No evictions or landlord judgments within the past 5 years.
  7. No outstanding utility collections or unpaid utility balances.
  8. Criminal history is evaluated on an individualized, case-by-case basis in accordance with applicable fair housing laws.
  9. Renters insurance with a minimum of $100,000 in liability coverage is required for all residents.
  1. Gross monthly income must be at least 3 times the applicant's portion of the monthly rent, as determined by the housing voucher program.
  2. Applicants are responsible for coordinating with their housing authority to provide the rent determination for the property they are applying for.
  3. Applicants should generally demonstrate credit consistent with a score of 500 or higher. Applications with lower scores may still be considered based on overall credit history, payment history, debt obligations, rental history, and other compensating factors.
  4. No bankruptcies within the past 1 year.
  5. No more than 5 accounts in collections.
  6. No more than $2,500 in past-due debt (excluding medical debt and student loans).
  7. No evictions or landlord judgments within the past 3 years.
  8. No outstanding utility collections or unpaid utility balances.
  9. Criminal history is evaluated on an individualized, case-by-case basis in accordance with applicable fair housing laws.
  10. Renters insurance with a minimum of $100,000 in liability coverage is required for all residents.
  1. Guarantors should generally demonstrate credit consistent with a score of 700 or higher.
  2. Gross monthly income must be at least 4 times the monthly rent.
  3. No more than 1 account in collections.
  4. No more than $500 in past-due debt (excluding medical debt and student loans).
  5. No bankruptcies within the past 7 years.
  6. No outstanding utility collections or unpaid utility balances.

Questions about the criteria? Reach our team at info@lmpmc.com or call (616) 741-0040.

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