JONES & JONES COMMUNITIES - RENTAL CRITERIA
- The rental application and application fee are required for each prospective resident that is 18 years of age and older.
- The application fee is $45 per applicant 18 years and older and is non-refundable.
- A holding deposit of $250 is required to hold the unit.
- The combined gross monthly income of all applicants must total at least 2.3 times the monthly rent amount.
- A valid form of legal identification is required at the time of application and move-in.
- Applicants approval is evaluated based on rental, income and credit history.
- Applicants must have all required documents submitted to the Leasing Office within 48 calendar hours of applying or the application will be canceled. For all applicants 18 years of age and older, the following documents will be required:
- Legal form of ID such as: Driver's License or Government Issued Picture ID Card
- Proof of Social Security Number
- Proof of Income (see below for details)
- Current Vehicle Registration
- Current Vehicle Insurance
- If applying with pets, please include the following required items for each pet:
- Pet License
- Vaccination Records
- Proof of Spay or Neuter
- Pet Picture
- Once an application is approved and the lease is generated, applicants have 48 calendar hours to sign the lease. If the lease is not signed in the given time frame, the holding deposit will be forfeited, and the unit will be placed back on the market.
CREDIT AND CRIMINAL HISTORY
Credit and criminal history will be verified through a third-party verification service. The applicant will receive a score based on statistical data such as payment history, number and type of accounts, outstanding debt, and age of accounts. Based on the scoring model, the application will be accepted, denied, or accepted with conditions.
- Accepted - the applicant will be accepted with the standard required deposits and fees.
- Denied - the applicant will not be accepted. The applicant will be provided with contact information for the consumer reporting agencies.
- Accepted with Conditions - the applicant will be accepted with an additional deposit or co-signer requirements.
Please Note: Irregular income that does not appear on a paystub such as gratuities, royalties, disability, or award letters, etc. may only be accounted with verifiable documentation.
Rental or Mortgage Payment History Verification:
- If currently employed: copies of the 3 most current paycheck stubs and/or complete bank statements showing incoming direct deposits from your employer
- If self-employed: copy of the previous year's tax return and 3 most current personal bank statements
- If employment is pending: copy of the offer letter on company letterhead indicating start date and salary and 3 most current paystubs from the last employer
- If unemployed, retired or a student:
- A social security benefit letter - SSA-1099: social security benefit statement of SSA notice of change in payment. Benefits must be dated no more than 14 months from the date of the application or must be reflected on a current bank statement
- Statement from the financial aid office of a college or university that shows loans or grants awarded for living expenses beyond tuition and other school expenses
- An order of alimony or child support - must be reflected on current bank statements
- The last 6 personal bank statements, from a US bank, showing an average deposit of 2.3 times the monthly rent
- Statements from investment accounts, from a US financial institution, showing 12 months of income, 401Ks and IRAs cannot be accepted
Guarantor (if applicable):
- Can be obtained from a landlord, apartment community or mortgage company.
- Must satisfy the income and credit history requirements. Income must be greater than five (5) times the monthly rental rate
- Will be responsible for the obligation of ALL Residents on the initial lease as well as all subsequent leases, including modifications, extensions, and renewals
- Applications approved with an out-of-state guarantor will be accepted with a security deposit equal to two (2) months’ rent
Renters Insurance is REQUIRED
IF YOU ALREADY HAVE RENTERS INSURANCE: If your current policy provides for at least $100,000 of liability, you are set! Simply bring your policy declaration page to the leasing office. The policy declaration page should contain the policy effective date, coverage amounts, policy number, expiration date, and list your property as an interested party with the following address for correspondence:
The Reserve at Warner Center, PO Box 3687; Coppell, TX 75019
IF YOU DO NOT HAVE RENTERS INSURANCE
: We recommend you visit our preferred vendor at www.ResidentShield.com
or call 800-566-1186 for a quote to obtain coverage; you may also choose to secure your coverage elsewhere. You may also purchase personal contents insurance for an additional fee. Coverage can begin with Resident Shield immediately, and our office will receive an automatic notification of your online policy purchase. If you do not provide proof of renters insurance upon move in, you will be auto enrolled in our Master Policy which does not cover your personal belongings.
Any of the following will result in an AUTOMATIC DENIAL:
- Falsification of any information on the rental application(s)
- Criminal history that includes felony or misdemeanor convictions or pending charges for crimes that represent threats to persons or property
- Failure to satisfy the income requirement with verifiable proof
- Failure to satisfy the minimum credit score based on the model
- A bankruptcy in processs
- Eviction by a previous landlord for cause
- Previous property management balance owed or in collections