Applying to rent a Loftium property includes the following criteria:
- Completed application along with screening reports for every occupant 18 years and older, only the applicants may reside in the property.
- Groups of more than one applicant will not be considered complete until the applications from all members of the group are received.
- Only completed applications will be further processed in the order received.
- Denial of one application will result in denial of the entire group application.
- Agreeing to host a guest unit while residing in the property
- Viewing or virtual Loftium tour of the rental property.
- By applying, you agree you’ve toured the property, virtually or otherwise, and have viewed the layout with respect to your portion of the space and the guest unit you will be required to host.
- On-time arrival for tour or phone appointment.
- Failure to arrive on time for appointments, or to provide advance notice of the intent to reschedule, may result in denial of the application.
- Positive photo identification
- A $45 non-refundable application fee is required for each applicant
- Applicant(s) able to pay an agreed-upon installment of deposit and rent at the time of lease signing
- Each rental applicant must be able to demonstrate a pattern of meeting their rental or mortgage obligations, leaving prior properties in good condition and not having a pattern of complaints from neighbors. The applicant should be able to provide references from previous housing providers(s).
- If the applicant has prior rental experience, good references from the prior landlord(s)
- No evictions on applicant(s) record within the last 5 years. Eviction actions that were dismissed or are over 5 yrs old cannot be used as grounds for rejection (ORS 90.303).
- 1 or more late payments, NSF checks and/or noise complaints within 24 months may result in denial.
- If past or present landlord(s) do not respond to requests for information within 48 hours of being contacted, that may result in denial due to the unavailability of verifiable favorable rental history.
- The final recommendation will also be dependent on income, credit and employment history.
- All open accounts in good standing for 2 years.
- Derogatory credit history may result in denial.
- Insufficient or lack of credit may also result in denial.
- Scores below 650 may result in denial
- The final recommendation will also be dependent on income, rental and employment history.
- Unverifiable current employment may result in denial.
- The final recommendation will also be dependent on income, rental and credit history.
- Monthly verifiable income must be equal to at least 2.5 times the monthly rental amount, (rent should not exceed 25% of your income), determined in accordance with ORS 659A.
- Acceptable documentation for verifiable income varies based on the income source. Generally accepted documentation may include:
- 2 consecutive (recent) paystubs,
- Most recent tax returns,
- Employer reference with phone number.
- For self-employed individuals:3 months of bank statements, Signed tax returns for the last 1-2 years to show predictable income,
- No excessive debt which may impact applicant(s) ability to pay rent
- The final recommendation will also be dependent on rental, credit and employment history.
Valid government-issued photo identification will be required of all applicants.
Pets on the Property:
If permitted by the property owner, pets are allowed provided that prior permission has been obtained, and all required documents have been signed by both parties. All pets must be properly licensed if required by city or county law and you have a record of current immunizations.
Co-Signer Qualification Criteria:
Loftium is not required to accept co-signers or guarantors. If co-signers or guarantors are allowed, the cosigner will be approved if all the qualifications below are met; if the cosigner does not meet any 1 of the following criteria then the cosigner will not qualify.
- Rental History: 1 year of valid and verifiable rental or mortgage history with no late payments
- Credit History: All open accounts in good standing for 2 years with less than $100 in derogatory credit. Any bankruptcy (open and/or discharged) will result in denial.
- Employment: 24 months with current employer or previous employment in the same field of work.
- Income: 5 times the rental amount of the unit in verifiable, garnishable income.
Grounds for denial result from the following:
- Verified unpaid eviction showing on credit report or confirmed with a landlord.
- Unpaid rental collection verified on credit report.
- Balance owing to the landlord.
- 1 or more late payments and/or NSF checks and/or noise complaints within a 24-month rental period (current and/or previous).
- Falsification of the rental application.
- Breaking a lease agreement that will result in collection filing.
- Inappropriate or abusive treatment of Loftium staff.
- Any criminal conviction which results in a registered sex offender requirement and/or any current sex offender registry requirement.
Note that the following may result in denial:
- History of criminal activity on the part of any proposed occupant that presents a danger to persons or property or the peace and enjoyment of other residents or members of the community could negatively impact your application. When evaluating any past criminal behavior, the nature and severity of the crime is considered. If you have any mitigating factors you with us to consider, please provide additional information. A rejection based on criminal charges resulting in acquittal or case dismissal is illegal (ORS 90.303)
- Reasonable likelihood that a past history of abuse of alcohol may or will interfere with the health, safety or right of peaceful enjoyment by neighbors or other members of the community, or guests.
- Reasonable likelihood that a past history of use of illegal drugs (or unauthorized use of legal drugs) may or will interfere with the health, safety or right of peaceful enjoyment by neighbors or other members of the community, or guests.
- Reasonable likelihood that a past history of an applicant or those acting under his or her control will interfere with the health, safety or right of peaceful enjoyment by neighbors or other members of the community, or guests.