Statement of Rental Policy Qualifying Criteria
Qualifying Criteria for Texas
Gaines utlizes an electronic verification system that authenticates valid ID’s and verifies employment and income.
All applicants must provide a valid government issued photo ID. Expired ID's will not be accepted.
IDENTIFICATION DOCUMENTS REQUIRED: Acceptable photo ID can be a valid Driver’s License, State Identification Card, Passport, Military ID or US Government issued picture ID upon submission of application. We accept COLOR scans in clear condition or photos of original documents ONLY.
Any falsification of the applicants' personal identifiable information (SSN, Name, DOB) will result in the automatic denial of the application or cancellation of move in. All deposits and fees paid will be non-refundable. The denial will apply to all applicants listed on the application.
In the event the above requirements cannot be verified electronically the following manual verification will be required.
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.
- 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 Applicant’s 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
Twelve (12) months of positive verifiable rental history or home ownership. If renting from a Private Owner, written documentation will be required.
Requirement when Resident Screening credit rating indicates “Conditional Accept” and all other criteria have been met:
- Deposit shall be equal to $500 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.
If the applicant is below 2.5x and all other criteria have been met, an approved co-signer or 36 months’ worth of rent in a verifiable saving account is required to proceed unless the applicant is a verifiable student. In student applicant scenarios, the landlord may allow a verifiable immediate family member or legal guardian of the student applicant to provide verifiable evidence of a savings account with 36 months’ worth of rent to serve as the student applicant’s income.
Requirement when Applicant has less than Twelve (12) Months of positive verifiable rental history but all other criteria have been met:
- Deposit shall be equal to 1.5 times one month’s 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.
A felony conviction may be grounds for a denial of the application.
All persons over the age of 18 must be a signer on the lease contract. Occupants are limited to those limitations put in place by state, federal, or local rule or ordinance. There may be some variations to the above occupancy standards based on square footage of the unit/bedrooms.
Lease Holder(s) must present evidence of Liability Renter’s 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
Applicants must have one valid (1) Government issued ID (Driver’s license, Social Security Card, Passport, or Visa) and one (1) additional form of ID such as (Bank Card, Health Insurance Card, Credit Card, etc.) that includes their full first and last name. A photocopy of all photo ID’s will be required for our files.
Applicants with unpaid judgments, collection accounts, “skips” or “evictions” from other rental properties will result in automatic denial of application. If Applicant has a COVID-19 eviction, it is the applicant’s sole responsibility to submit proof that the terms of any such eviction are directly and irrefutably associated with financial hardship caused by the pandemic as defined by the State of Texas. Gaines Investment Trust retains the sole discretion to assess applicant claims of COVID-19 eviction.
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 Driver’s 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 Applicant’s 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 (bounced check, rejected ACH transaction) or should Applicant sop payment upon or issue a cancellation of such a transaction after it has been tendered to Management, Applicant agrees to pay Management a fee for the rejected transaction in an amount equal to $125 plus the charge assessed to Management by involved financial institutions.
- Co-signers combined income must equal to six (6) times the current monthly rent, and pay their own mortgage/rent, and other monthly financials obligations to be considered.
Note: a non-refundable application fee per person is required that will not be returned to the applicant under any circumstances.
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.