RENTAL APPLICATION INSTRUCTIONS

* GEM Realty Group does business in accordance with the Federal, State and Local Fair Housing laws and welcome Persons of all Race, Color, Disability, Religious Creed, Ancestry, Sex, Familial Status, Sexual Preference, Gender Identity, Age and National Origin. We process applications and score based on the criteria described in this policy. We select the best qualified tenant based on the highest scoring application.

Each application requires that we verify credit history, leasing history, income, and criminal reports. Factors such as your move in date, pets and your behavior and cooperation with our staff may also be considered in the application decision.

IN ORDER TO PROCESS YOUR APPLICATION, WE NEED YOU TO PROVIDE US THE FOLLOWING 4 ITEMS:

Completed application: We must have a separate completed application for anyone 18+ years old that will be living at the property. Please make sure to complete all fields as we only process fully completed applications.

 Identification: A copy of a state issued photo ID. e.g. driver’s license, passport, military ID.

Proof of income for all applicants- Applicants must provide verification of legal income sufficient to meet the rent to income ratio. Examples of verification include, but are not limited to, last two paycheck stubs, payroll report from employer for at least the two most recent pay periods, current proof of government income (such as Social Security, disability, welfare, etc.), proof of retirement income, liquid assets (e.g. savings/bank account, stocks), proof of spousal and/or child support, or any other legal verifiable income. Verification of more than two pay periods may be required if the income is not consistent. If the applicant is hired but has not received a paystub yet, a written letter of hire from employer detailing wage/salary, position and start date is required.

Self-employed applicants: Must provide a copy of the previous year’s tax return in in Q1 or Q2 of the year. In Q3 and Q4, applicant must also provide documentation of the current year’s financial performance in addition to last year’s tax return. Gross income is calculated as total income before taxes less child/spousal support, debt service, payroll garnishments for loans, taxes, child/spousal support, etc. Tax free income is divided by .85 to account for the difference in taxed and non-taxed income such as social security, disability or state support.

Application Fees: $60 non-refundable screening fee per application. PLEASE NOTE, SINCE WE INCUR COSTS TO PROCESS AND SCREEN EACH APPLICATION, APPLICATION FEES ARE NON-REFUNDABLE.

APPLICATION POLICIES

• You must be willing to start the lease within 15 days of applying if the property is vacant at the time of application. If property is not available until a future date, you must be willing to start a lease within 15 days of the availability date. Please check with our team if this is a concern.
• A complete application package includes all four items listed above. Only fully completed application packages will be processed. An incomplete application package will not be considered. Please attach all documents to your online application.
• Our application process generally takes three business days from the day you provide us a complete application and all required documents. If there are multiple applicants, it can sometimes take longer, but our goal is to get you a decision within three business days. We make no guarantee as to the time it will take to process your application. The time required varies based on the responsiveness of your landlords and employers and other business demands.
• We must verify your rental references, so please make sure to provide working phone numbers for your current and previous landlords. When possible, it is a good idea to let them know we will be calling in advance. If you cannot provide contact information for your former landlords, we cannot consider that history and your application score may be affected. Please note family members or friends are not considered valid references for rental history.
• There are times when a company would like to rent a property in the company name. In those instances, we will require an individual to also be on the lease as a responsible party, either as an occupant lease holder or co-signer. This may be a principal of the company or the employee who is living at the property. The person who is responsible for the lease must qualify by our conventional scoring criteria. For occupant/non-leaseholders we require a criminal background check as part of the application.
• Be honest and truthful in your application and answer all questions. Any falsification of facts or withholding of information requested on the application is cause for denial. If the falsification of facts is revealed after a lease has been signed, this is a reasonable cause for eviction.
• If you have not seen the property, your application may be subordinated to other applicants who have seen the property. We strongly encourage you to view the property prior to applying.
• If approved, you will have 48 hours to sign the lease AND pay the security deposit online. We will place the property on a temporary hold until that designated time, however, until we receive the signed lease AND the security deposit, we will not take the property off the market.
• In the case where we receive more than one application on a property, we will process ALL applications and approve the highest-scored applicant. ***Please note there may already be pending applications for the same property.*** If your application is approved with fewer points, we do hold applications open for 60 days. You may apply your pre-approved application towards any of our other properties within those 60 days WITHOUT having to pay an application fee again.
• If the applicant fails to take possession of the property after the Lease Agreement has been signed, the Security Deposit will be forfeited as liquidated damages for taking the property off the market.
• Please note, if your application is approved, GEM Realty Group needs a minimum of 1-2 business days to prepare the property prior to your move in.
• Pets- Please check the advertisement on wwww.onefocuspm.com to confirm if pets will be considered, and what the number, type and weight restrictions are. Your application may be subordinated to other applications, if other applicants do not have pets. You must submit pet applications at https://gemrealty.petscreening.com/ No pets will be considered without a pet application. PetScreener.com fees apply. You MUST submit current vaccination records, photos and your tenant insurance policy number in order to have your animal considered. The information you submit to Petscreening.com will provide a score of 1 through 5 Paws. Animals meeting a minimum score of 3 out of 5, with all documents uploaded and meeting the weight and type restrictions will be approved.

APPLICATION SCORING- CONVENTIONAL

CREDIT

1. 750+TransUnion ™ Resident score
2. 700-749 TransUnion ™ Resident score
3.  600-699 TransUnion ™ Resident score
4. No score or 599-550 TransUnion ™ Resident score
5. ≤ 549 TransUnion ™ Resident score

Click here to view FAQ's for TransUnion™ Resident Score: https://www.transunion.com/frequently-asked-credit-questions

*Open (non-discharged) bankruptcy is cause for automatic denial of the rental application.*

RENT/INCOME RATIO (THIS IS A HOUSEHOLD MEASUREMENT, ALL APPLICANTS’ INCOME IS COMBINED FOR SCORING)

1- Verifiable rent to income ratio is 20% and less OR assets in bank accounts and investment accounts total six times the total rent for the lease term.

2- Verifiable rent to income ratio is 27% and 21% OR assets in bank accounts and investment accounts total four and a half times the total rent for the lease term.

4- Verifiable rent to income ratio is 32%-28%

6- Verifiable rent to income ratio is 33%+

When an applicant presents child support as a source of income, we need to be able to verify the income to consider it part of the application income. Acceptable forms of proof are court orders and notarized statements with proven receipt of the funds. (i.e. bank statements showing regular deposits)

Non Court Ordered Support:
With verification including proven receipt of funds and a notarized statement we will count the lesser amount of support OR 20% of the application income. (Example- If the application income is $4,000/month and the notarized statement states that the support is $1,000/month, we will only count $800 toward the monthly income because it is the lesser of the two amounts.)

Court Ordered Support:
There is no limit to the amount of child support counted if it is verified as court ordered. If a court order states that the applicant is receiving $1,000/month in income, all $1,000 will be counted because it is court ordered.

**All rent to income ratios are rounded to the nearest whole percent. Temporary or seasonal income will not be considered. Income without sufficient documentation (e.g. paystubs, statements, letter of hire) will not be considered. If applicant is starting a new job, paystubs are not necessary but a letter of hire detailing wage, start date and position will serve as the documentation.

LANDLORD HISTORY

1- No eviction record, no more than 1 late rent/mortgage payment record in 3 years, or last three years of address history is in a home owned by applicant

2- 2 late rent/mortgage payment records in 3 years or no leasing history (with non-family or friend landlords)

4- 3 or more late rent/mortgage payment records in 3 years

Current Landlords will be asked to rate your cleanliness and general upkeep of your unit during your tenancy on a one to four star scale. One being worst and four being the best. If you are given one star, two points will be added to your overall landlord score. If you receive two stars, one additional point will be added. If three or four stars are given, no additional points will be added.

* Three years of address history must be verifiable. Lack of verifiable address history may result in application denial at the discretion of GEM Realty Group.

**Your application is automatically denied if you have an eviction record in the past 10 years, Negative Landlord Reference regarding property damage or outstanding balance due, Outstanding Landlord Collection or Judgement, or Mortgage is currently past due.

CRIMINAL HISTORY

Criminal history is given an individual assessment and is either considered qualified or unqualified based on those facts separate from the scoring of financial matters. In order to fully consider your criminal history, please provide any information you feel is necessary to understand the context of your convictions. Examples of information you may want to provide for consideration include the circumstances surrounding the criminal conduct, your age at the time of the conduct and evidence of rehabilitation. As we evaluate an applicant’s criminal history, special attention is paid to violent and sexual offenses. We base our decisions related to criminal history on our business concern for the safety of other residents and our staff. Only convictions are considered, arrests without conviction are not considered when evaluating an application. Convictions for the manufacture and distribution of illegal drugs (Within the past 10 years) will result in application denial.

SCORING DECISION

≤ 6 = approved with one-month security deposit

7 - 8 = high risk, if no more than one category is scored at highest possible score then a co-signer or higher deposit may be required to be approved. Co-signers live in the United States AND must score ≤1 on credit AND 1 on landlord history AND have verifiable gross income at least four times the rent after subtracting debt service and the amount of rent. Whether a higher deposit or co-signer (or both) is required is at the discretion of GEM Realty Group.

9 or higher = Declined

If you are applying with multiple people, we the average scores each of each individual to get a score for the whole application. If your application score is not a whole number, it will be rounded to the next whole number. (e.g. average score is 3.33 then the score is rounded to 4)

When choosing an applicant, we also look at move in date. Please make sure to list the earliest date you are willing to start your lease.

If we have multiple applicants who score the same, we then look at move in date, then highest FICO score, to select the best applicant.

Smoking and Marijuana Use: 

NO tobacco or marijuana smoking is allowed inside of ANY of our rental homes. Although VA has legalized both the use of medical marijuana and recreational marijuana, under Federal law, marijuana remains a Class I Controlled Substance and therefore illegal under the Federal Laws. Virginia  law and Federal law gives us the right to prohibit it. Marijuana use, possession, and/or growing is prohibited at all our rental homes and violators will be evicted per our lease agreement. 

Resident Benefits and Insurance Requirements

In addition to the rent due per month, a resident amenity fee of $39.95 per month will be charged and must be included with the monthly rent payment. This resident amenity fee may be increased with the addition of pets. To view all our resident amenities, visit https://www.gemrealty.co/resident-benefits

The Gem Realty Resident Benefits Package (RBP) delivers savings and convenient, professional services that make taking care of your home second nature. By applying, Applicant agrees to be enrolled and to pay the applicable cost of $39.95/month, payable with rent.  

Your RBP may include, subject to property mechanicals or other limitations:

• HVAC air filter delivery directly to your door approximately every 90 days
• Liability Insurance that meets all lease requirements from an A-rated carrier
• Move-in concierge service that includes a one-call set up of your utility services, cable, and internet services
• A resident rewards program that helps you earn rewards for paying your rent on time
• Credit building to help boost your credit score with timely rent payments
• $1M Identity Protection for all adult leaseholders
• 24/7 online maintenance reporting
• Home buying assistance for when the time is right to buy your “forever” home
• An online portal that includes access to your account, documents, communication, and payment options
• Vetted vendor network: we find technicians who are reputable, licensed, and insured

Liability Insurance requirements and options:

The Landlord requires Tenant to obtain liability coverage of at least $100,000 in property damage and legal liability from an A-rated carrier and to maintain such coverage throughout the entire term of the lease agreement. Tenant is required to furnish Landlord evidence of the required insurance prior to occupancy, at the time of each lease renewal period, and upon request. 

To satisfy the insurance requirement, Tenant may either (1) be automatically enrolled into a policy that satisfies the coverage requirements as part of the Resident Benefits Package; or (2) obtain alternative liability coverage from an insurer of Tenant’s choice. The option Tenant chooses will not affect whether Tenant’s lease application is approved or the terms of Tenant’s Lease. 

Option 1: Do nothing. The Tenant will be automatically enrolled into an insurance policy as part of the Resident Benefits Package. No further action is required. Coverage will begin on the effective date of Tenant’s lease and continue throughout the lease term. Please refer to the evidence of insurance that is supplied by Gem Realty for additional coverage details. 

Option 2: Buy a policy. If Tenant prefers, Tenant may find, purchase, and maintain another policy that satisfies the Landlord’s requirements. The Resident Benefits Package monthly amount will be adjusted accordingly. Visit http://insurance.residentforms.com/ and follow the instructions listed there to provide 

evidence of the required insurance coverage to your Landlord. The Resident Benefits Package monthly rate will be adjusted by the premium amount in the policy.

Please be sure that your policy meets the following criteria prior to submitting:

• Policy is purchased from an A-rated carrier
• Policy meets or exceeds the required $100,000 in property damage and personal liability
• Gem Realty is listed as additional interest
• Gem Realty address is listed as: PO Box 660121 Dallas, TX 75266

It is Tenant’s responsibility to pay premiums directly to your insurance provider. If the policy is terminated or lapses, Tenants will be subject to a lease violation fee of $50 and agrees to be subsequently enrolled into the policy referenced in Option 1 above. 

NOTE: The total monthly cost of the Resident Benefits Package is all-inclusive, and no discounts will be given if any element of the package is unavailable due to a lack of HVAC or another limitation at a specific property. All services are subject to the terms and conditions of the Resident Benefits Package Lease Addendum.

Disclaimer:  GEM Realty Group, LLC reserves the right to modify this benefit package at any time.  Modifications may include the addition and removal of services at any point during the term of the lease agreement.  Any changes to pricing will only take place at the time of lease signing or at renewal time.  Because this is a special service provided by GEM Realty Group LLC, these services will only be provided as part of your lease agreement while GEM Realty Group, LLC is the management company at the property.  Should GEM Realty Group, LLC services be ended, so shall this Resident Benefits Package.  Should this happen, the amount of this package will be removed from your monthly rent.  This is a required program that is currently built into the monthly rent amount and may not be opted-out of.