Qualifying
The first thing you need to know is how to qualify for an MMI property. We provide a link to our complete qualifications policy online right here on this page. However, let’s simply say that, under our standard qualifications policy, the following basics apply:
- Your weekly gross income must be at least 85% of one month’s rent. For each $1,000 in rent, you need $850 per week in gross, combined income—we will count all verifiable income for all residents over 18 years of age. If all utilities are included, as in some condos, we will accept 75%.
- Your credit problems must be in the past—no obligations currently past due, no open bankruptcies and no collections. Past credit, depending upon how far in the past, may require extra security deposit money.
- All persons occupying who are over the age of 18 must apply and must pass the credit examination independently. All over 18 must sign the lease.
There are more conditions, but this is the simplified list. You may consult one of our leasing agents if you have questions about your ability to qualify and we can pre-qualify, but that will only apply if MMI is the agent for the landlord; not if we take you to another broker’s listings.
View: Standard Qualification Policy
The MMI Fresh Start Program
MMI manages properties for many landlords. Some will consider less than perfect credit. For those properties where the owner has opted into the Fresh Start Program, the following are permitted, with certain conditions:
- Recent Foreclosure or Pre-Foreclosure Short Sale
- Recent Bankruptcy or on-going Chapter 13
- Some outstanding derogatory credit as long as rent was paid on-time
- Co-signer guarantees
- Annual leases with all rent due in advance; no credit requirements—just a good rental reference if you rented recently.
