Harbor Terrace Application Criteria

Application Fee: $50.00 for the first adult applicant. Add $25.00 for each additional applicant.

Once your application has been approved, you will need to provide the following in order to reserve the apartment:

1. Non-Refundable Holding Fee of the first month’s rent. On the day your application is approved, your desired apartment will be held until the close of business for a holding fee to be paid. If holding fee is not paid by the end of the business day, the temporary hold for your apartment will be removed and apartment will be available for rental again. After holding fee is paid, apartment will be reserved for you through day of lease signing.
2. Payment for your Security Deposit equal to 1 1/2 months rent.
3. At lease signing you will need to provide proof of renters insurance that complies with the requirements in the lease.

*Payment may be in the form of: Visa, MasterCard, Amex and Discover Card, Money Order/Certified Check. Money Order/Certified Check can be made payable to Harbor Terrace, LLC.

Income:Each occupant over the age of 18 is required to complete an application. Each applicant must demonstrate a verifiable income. The minimum monthly income requirements are as follows: Three times the monthly rent.

Combined Income:The combined income of roommates will be considered, provided each applicant earns a minimum of 60% of the total qualifying income.

Credit:A credit history depicting any of the following may be grounds for denial:

1. Unpaid liens or
2. Bankruptcy, unless applicant can provide verification that positive credit has been reestablished and maintained after three years of bankruptcy.
3. We use a statistically validated scoring model, which measures each applicants’ risk in terms of paying their monthly rent. The model takes into consideration many aspects of an applicant’s credit history and income to determine the amount of risk for that particular applicant. Management has set specific decision points within the models score range for Harbor Terrace Apartments.

Rental History:Applicant must demonstrate a minimum of two years rental or ownership history if applicable. History of a poor payment record, destructive or abusive behavior or poor housekeeping practices will be grounds for denial.

Co-signers:Co-signers will be considered only where income is deficient, not with credit or job defaults. Co-signers must qualify at 1.5 times the qualifying income.

Criminal:A criminal background check will be run on all conditionally approved applications in accordance with The New Jersey Fair Chance in Housing Act. Please refer to the “Criminal Background Check Disclosure Statement” portion of your application for the complete policy and criteria.

Occupancy:There is a maximum occupancy limit on each type of apartment. Studio – 1 occupant, one bedroom – 2 occupants, and two bedrooms – 4 occupants. Violation of this regulation will result in eviction if not corrected immediately.

Every applicant will be required to submit the following documentation:

1. Copy of Photo Identification (for each applicant)
2. Copy of Social Security Card (for each applicant)
3. Proof of Income (Last thirty days of pay stubs or Employee Verificationclick to view/download)
4. Landlord History(click to view/download)
5. Multiple Dwelling Reporting Rule Tenant Applicant Inquiry (Download here)
6. Completed Application

Lease Term:     12 – 18 Months

One year: 5% or up to market rent.

Month-to-month: $100.00 plus renewal increase (must fulfill initial lease term).

Lease Termination: 2 month’s current rent.

Pet Policy: No pets permitted. Animals for the disabled are allowed.

Internal Transfer: Only allowed after initial lease term has been fulfilled. $450.00 if during lease term. No charge if term is fulfilled. You may only up/down grade. No lateral transfers are permitted.

NSF Fee:               $25.00

Late Fee:               $50.00

Rent Includes: Heat and cooking gas.