Four (4) Requirements to be eligible for a standard refundable security deposit:
- Acceptable Credit Rating per Resident Screening system.
- Approved Criminal Rating per Resident Screening system.
- Twelve (12) months of positive verifiable rental history or home ownership.
- Combined Gross income (including co-applicant) shall be A MINIMUM of three (3) times the rent amount.
- Twelve (12) months of current employment, validated by pay stubs showing YTD earnings that must demonstrate earnings of at least three (3) times the rent amount for each of the three (3) consecutive months prior to application. If Applicant has been with their current employer for less than one year, verification of employment for the six (6) months prior to the Applicants hire date with their current employer will be required.
- Self-employed persons will need to show proof of income (tax returns, etc.) for past 2 years and must demonstrate earnings of at least three (3) times the rent amount for each of the three (3) consecutive months prior to application.
- Income may include sources other than employment such as Social Security or retirement accounts.
- Applicants who cannot provide proof of income from a verifiable source must have 36 months of the monthly rental rate in a verifiable savings account.
- Proof of Social Security payments (bank account with direct deposit by the US Treasury, SS award letter)
- Food stamps and Unemployment will not be considered income.
Deposit shall be equal to $400.00 to proceed.
Requirement when Monthly Income/Employment does not meet 3x the rental rate and all other criteria have been met:
If the Applicant can provide satisfactory evidence of at least 2.5 x -2.9 X the rental rate and all other criteria have been met deposit must be equal to 1.5x the monthly rent to proceed.
Deposit shall be equal to 1.5 times one months rent to proceed.
Misdemeanor convictions will be reviewed and depending on the severity of the offense and may result in a denial of the application.
Lease Holder(s) must present evidence of Liability Renters Insurance coverage including Personal Liability for $300,000 and a minimum deductible of $500. NOT ALL POLICIES ARE THE SAME. Many policies have limiting language that cause coverage for certain losses to be denied. Take extra caution to read and understand your policy. Be sure to obtain a policy that has a comprehensive coverage policy. An example of non-limiting policy language is as follows: We insure you against accidental direct physical loss of or damage to personal property owned or rented by you. We also insure additions and alterations to the residence premises made by you at your expense during tenancy. The policy must include the Property Name listed as an Additional Interested party and must remain in effect for the term of the lease.
Property Manager reserves the right to review the application based on all rental criteria requirements and may opt to decline the application.
All credit and background information are supplied through Yardi Resident Screening.
I also understand that I will be required to pay a holding deposit which is non-refundable however, if my application is denied I will receive a refund in accordance with federal, state and local regulations. If I cancel my reservation after a period of 48-hours, the Holding Deposit is automatically non-refundable. If approved, any holding deposits will be applied to move-in charges at time of move-in. If applying on line, the holding deposit will not be charged until application is approved.
I also understand that within 48 hours of applying for an apartment, all applicants including myself must 1) pay all applicable upfront fees, 2) complete an Application, 3) provide a copy of their Drivers license or other issued Government photo ID, 4) pay stubs showing YTD earnings that must demonstrate earnings of at least three (3) times the rent amount for each of the three (3) consecutive months prior to application. If Applicant has been with their current employer for less than one year, verification of employment for the six (6) months prior to the Applicants hire date with their current employer will be required, 5) the Rental verification is filled out by the current residency and 6) must sign this Rental Criteria or my application may be cancelled and all upfront fees will be forfeited.
NON-SUFFICIENT FUNDS/DECLINED OR STOP PAYMENT FEE: If Applicant fails to have sufficient funds available to support a transaction drawn upon an account (e.g., bounced check, rejected ACH transaction) or should Applicant stop payment upon or issue a cancellation of such a transaction after it has been tendered to Management, Applicant agrees to pay to Management a fee for the rejected transaction in an amount equal to $125.00 plus the charge assessed to Management by involved financial institutions.Co-signer Qualifications:
Gaines Investment Trust is fully committed to equal housing opportunities. We do not discriminate against anyone based on race, color, religion, sex, handicap, familial status, or national origin, as stated in the Federal Fair Housing Law. Falsification of any portion of this application will result in denial.
I have read and understand the qualifying criteria of this community. I understand that I am paying a non-refundable application fee per person that will not be returned to me under any circumstances. If. employment is verified through theworknumber.com website, a charge of $20.00 is assessed for each verification in addition to the aforementioned application fee.