rental qualification standards
& application process
First Class Realty & Property Management uses a structured underwriting process to evaluate all rental applications. These standards are applied consistently to all applicants in compliance with the Federal Fair Housing Act, North Carolina Fair Housing laws, and all applicable regulations. Please review this page carefully before submitting an application.
application requirements
Each person 18 years of age or older who will occupy the property must submit a separate application.
Application Fee: $60 per applicant (non-refundable).
Applications are processed in the order received.
An application is considered complete only when:
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All required fields are submitted
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Identity has been verified
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Income verification is completed
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All requested documentation has been received
Incomplete applications will not be reviewed.
All approval or denial decisions are communicated in writing.
We do not provide informal pre-screening or approval decisions via phone, text, or message.
Approval is contingent upon verification of all information provided. If material information is found to be inaccurate prior to move-in, approval may be revoked.
Security Deposit & Risk-Based Approval
Security deposits range from one (1) to two (2) months’ rent.
The required deposit is determined after full underwriting review and may be adjusted based on income stability, credit profile, rental history, and overall financial risk.
Approval terms, including deposit amount, are issued in writing.
Guarantor Policy
Guarantors are permitted only when an applicant does not independently meet the minimum income requirement.
Guarantors must qualify independently under the same underwriting standards and provide full documentation and screening. A guarantor does not override eviction history, landlord balances, fraud findings, or other disqualifying factors.
Applications approved with a guarantor require an increased security deposit.
Approval Timeline & Reservation Policy
Approved applicants must comply with the following:
Security deposit is due within twenty-four (24) hours of approval.
Lease agreement must be executed within twenty-four (24) hours of issuance. Move-in must occur within fourteen (14) days of approval.
If a requested move-in date exceeds fourteen (14) days, a holding fee equal to twenty-five percent (25%) of one month’s rent is required in addition to the security deposit.
The maximum allowable move-in date is thirty (30) days from approval.
A property is not removed from marketing until a signed lease and security deposit are received.
Failure to meet these deadlines may result in cancellation of approval.
identity requirements
We have a two-layer identification process. You will upload your ID and a Selfie to the application to confirm you are who your ID says you are. If you do not complete this step, your application is considered incomplete.
income requirements
Gross household income must be at least 2.25 times the monthly rent.
Income must be stable, verifiable, and sufficient to reasonably support the monthly rent obligation.
Applicants who do not independently meet the minimum income requirement may be considered with a qualified guarantor, subject to the terms outlined below.
Higher income ratios strengthen the overall application profile but do not guarantee approval or specific deposit amounts.
income verification
Income is verified through PaySource (powered by Rentec Direct).
Applicants securely connect their bank account for review of recent deposit activity to evaluate income consistency and stability.
Gross income is calculated from submitted pay documentation. Deposit history is reviewed to assess cash flow stability and confirm alignment with reported earnings.
Applicants must provide documentation reflecting the most recent three (3) months of consistent income.
All documentation is reviewed for authenticity. Screenshots are not accepted. Paystubs must be downloaded directly from the employer or payroll provider system (ADP, Paychex, etc.).
Paystubs must be consecutive and complete. Gaps, altered documents, or mixed time periods will not be accepted.
Paystub Requirements by Pay Frequency
Weekly pay: 12 most recent consecutive paystubs
Bi-weekly pay: 6 most recent consecutive paystubs
Semi-monthly pay (15th & 30th): 6 most recent consecutive paystubs
Monthly pay: 3 most recent consecutive paystubs
Variable or Fluctuating Income
Income that includes overtime, commission, bonuses, tips, or other variable compensation may be considered.
Variable income will be evaluated based on documented consistency over the most recent three (3) months. Income is typically averaged over the documented period.
Temporary spikes, isolated high earnings, or short-term increases will not be projected forward without sufficient documented history.
Additional documentation may be required for applicants with fluctuating income sources.
New Employment
If newly employed or starting a new position, applicants must provide:
An offer letter on company letterhead
Compensation details
Start date
Supervisor contact information
Additional verification may be required.
Self-Employed Applicants
Self-employed applicants may be required to provide:
Two (2) most recent filed tax returns
Year-to-date profit and loss statement
Recent business bank statements
Income must demonstrate ongoing and stable operations.
Savings or Asset-Based Qualification
If an applicant does not have qualifying employment income, liquid assets may be considered. To qualify using assets alone, applicants must demonstrate liquid funds equal to at least twelve (12) months of rent. If assets are used to supplement insufficient income, a minimum of six (6) months of rent in verified liquid reserves may be required.
Funds must be verified through official bank statements.
Government or Structured Income
Social Security, disability, pension, alimony, child support, or other structured income sources are accepted. Official documentation from the issuing agency outlining payment amount and duration is required.
Housing Voucher Applicants
Voucher documentation must clearly reflect the approved subsidy amount. Applicants must demonstrate the ability to cover any tenant-responsible portion of rent. All voucher applications are evaluated using the same underwriting standards applicable to all applicants.
Identity & Fraud Prevention
All applicants are subject to identity verification, Social Security trace, and fraud screening. Identity information must align across submitted documentation, credit records, and bank verification. Discrepancies may result in denial. Prior landlord ownership and employment information may be independently verified through publicly available records and third-party verification methods.
Submission of falsified income documentation, altered bank statements, fraudulent identification, or invalid Social Security numbers will result in automatic denial. Verified fraud may be referred to appropriate authorities.