A prospective renter in the condo market faces a challenge after being denied an application due to a credit score of 690. The condo board has established a minimum requirement of 700, leading to questions about the legality and fairness of such a policy.
According to real estate expert Gary Singer, condominium boards are generally permitted to set their own rules regarding tenant qualifications. These rules are typically detailed in the governing documents of the condo association, including bylaws and rental policies. A minimum credit score is a common metric used by boards to assess financial reliability.
If the condo’s rules explicitly state that a credit score of 700 is necessary for renting, the board is likely acting within its rights by denying the application based on the applicant’s score. However, there are steps that renters can take to better understand their situation and possibly contest the board’s decision.
Understanding Condo Policies
First, it is crucial for potential renters to review the specific bylaws or rental policies of the condo association. This can be done by requesting a copy from the landlord or the board itself. Renters should look for precise language regarding credit score requirements. If the rules are clearly defined, the board’s actions are likely justified.
If the wording of the rules is ambiguous or inconsistently applied, renters may have grounds to challenge the board’s decision. Additionally, it is important to note that while boards can enforce reasonable rules, they cannot discriminate against applicants based on protected characteristics. These include race, religion, gender, disability, or familial status under Fair Housing regulations.
In this situation, since the applicant’s credit score is only slightly below the threshold, reaching out to the board could be beneficial. Providing evidence of financial stability, such as proof of income, savings, or a history of on-time rent payments, may lead to reconsideration. Some boards may be willing to make exceptions if they see reliability in the applicant’s financial history.
Exploring Options for Renters
If the board remains inflexible, it may be necessary to explore alternative rental options. Not all condo associations impose the same requirements, and there may be other properties with more accommodating policies.
Another avenue worth considering is consulting a reputable credit repair agency. They may be able to assist in boosting the applicant’s credit score quickly, potentially enabling them to meet the board’s requirements in the future.
For further inquiries on real estate issues, individuals can reach out to Gary Singer via email at [email protected] or visit SunSentinel.com/askpro for more information.
