MDC
Resident Qualification Criteria
Arizona
 
Areas of qualification are:
 
Income:                                    
 

• Verifiable monthly income of 2.5 times the rental amount or verifiable accounts with available cash or cash equivalent balances of 30 times the rental amount.
• If verifiable monthly income is 2 -2.49 times the rental amount, then an increased deposit or a qualified cosigner will be required.
• If verifiable monthly income is less than 2 times the rental amount, a qualified cosigner will be required.
• Verifiable income includes, but may not be limited to, income from an employer or self-employment, SSI, disability, unemployment, food stamps, pension, investment funds, 401K, financial aid, student loans, court appointed alimony and child support.
• All alternative sources of income will be taken into consideration in accordance with any applicable State law.
• Verifiable accounts include savings, checking, money market, and net cash value of accessible investment accounts.
• The final recommendation will also be dependent on credit and rental history.

                                                     
Credit History:
 

• Credit assessment based on Experian Vantage 3.0 Score. This is not a FICO score model.
• 650-850 Credit Score will qualify for approval with standard deposit.
• 600-649 Credit Score will require an increased deposit or a qualified cosigner.
• 550-599 Credit Score will require a qualified cosigner.
• 300-549 Credit Score will result in denial.
• Lack of established credit history (score) without derogatory credit will require an increased deposit or a qualified cosigner.
• The final recommendation will also be dependent on income & rental history.

 
Rental History:                
 

• 12 months valid, verifiable rental history or mortgage history.
• Valid rental history is a written lease or month-to-month agreement.
• If rental history is less than 12 months, then an increased deposit or a qualified cosigner will be required.
• Any combination of 2 of late payments, NSF checks, noise complaints and/or lease violations within 12 months will require an increased deposit or a qualified cosigner.
• The final recommendation will also be dependent on credit history and income.

 
OTHER:
 

• For multiple applicants, income will be combined and the recommendation will be based on the same qualifications outlined above.
• For multiple applicants, highest credit score will be utilized for qualification purposes for the unit. A score of 300-599 will still result in denial.
• International Students will be required to meet the same standards as above.  In addition, they are required to show a copy of a current I20 at application. This will count towards the income requirement.
• The standard refundable deposit is $250. The increased deposit is equal to one month of rent.
• The non-refundable processing (application) fee is $19.75 per applicant.
• Holding deposits: $300. Conditions outlined below and in the paper application.
• Convenience fees may apply for all online payments.

 
COSIGNER RENTAL CRITERIA:
A cosigner will be APPROVED if all the qualification below is 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:                   Experian Vantage 3.0 credit score of 650-850 with no derogatory credit history*
INCOME:                                     2.5 times the rental amount of the unit in verifiable, garnishable income
*                                                     A combined 2 or less late payments in these categories will not lead to denial if the accounts are not currently delinquent
 
GROUNDS FOR DENIAL WILL RESULT FROM THE FOLLOWING ON ALL APPLICANTS (INCLUDING SECTION 8):
Falsification of rental application
Verified (unpaid) eviction showing on credit report or confirmed with landlord.
Unpaid Rental collection verified on credit report and/or any balance owing to landlord
3 or more late payments, non-sufficient fund checks, noise complaints, and/or lease violations within a 12-month rental period
Breaking lease agreement that will result in collection filing
Open or non-discharged bankruptcy
Previous employment with MDC
Credit score less than 550
Lack of established credit history (score) with derogatory credit (unpaid non-medical collections, judgments, past due accounts, etc.) history reporting.
 
OTHER DISCLOSURES:
We do not automatically deny applicants based on criminal history.  Rather, criminal history is considered based on the nature of the offense and time passed since the date of final disposition (e.g. applicant was released from prison, probation or parole).  We limit consideration to those convictions, the dates of final disposition of which pre-date the report by no more than seven years.  Note that convictions for the below offenses may result in denial. Verified name and date of birth match of criminal conviction as follows:
 
Murder     (1^st and 2^nd degree)                                      Kidnapping (All counts)
Manslaughter (1^st degree)                                            Theft (1^st & 2^nd degree)
Assault (1^st, 2^nd & 3^rd degree)                                       Burglary (1^st, 2^nd degree & vehicle prowling 1^st degree & Residential)
Robbery (1^st & 2^nd degree)                                            Malicious Mischief (1^st degree)
Rape (All counts)                                                           Arson (1^st, 2^nd degree & Reckless Burning 1^st degree)
Rape of a child (All counts)                                          Possession with intent to Deliver illegal substance(s) (All counts)
Child molestation (All counts)                                      Delivery or Sale of illegal substance(s) (All counts)
Any Terror Related Activity                                           Outstanding Criminal Warrant for those offenses listed above
 
A criminal records search will be performed for felony and misdemeanor offenses.  All felony and misdemeanor offenses must be disclosed on the rental application.
 
Valid photo identification will be required of all applicants.
 
Conditions to hold an apartment:

1. Each adult over the age of 18 must complete a separate application and submit to the landlord or landlord's agent (Landlord) or Landlord’s screening partner.
2. All non-refundable processing (application) fees must be paid to Landlord or Landlord’s screening partner.
3. After conditions 1 & 2 are satisfied, the apartment will be held until 48 hours after application approval or conditional approval. To continue the hold, a holding deposit must be paid within the 48 hours. If applicable, a complete cosigner application and application fee must also be submitted within the 48 hours.

 
HOLDING DEPOSIT CONDITIONS:
You acquire no rights to the rental unit unless or until a holding deposit is paid to Landlord. If a holding deposit is paid and the application is denied, the holding deposit will be returned. If the application is approved and you choose not to move in, the holding deposit is forfeited and will be retained by the Landlord.

MDC Resident Qualification Criteria AZ Revised 10 24 2023