Leasing Criteria

with Red Wagon Properties

Before you apply for a lease, please read the following information concerning the approval process. If you have questions, please ask before applying. Once submitted, application fees are not refundable.

If your application is approved you will be asked to pay a Security Deposit and sign a Residential Lease contract. The start date of this Lease must be within 2 weeks of the availability date OR the date of application approval, whichever date is later. Should you decide not to lease the property after approval, Red Wagon will charge a $500.00 Administrative Fee and this fee will be deducted when Red Wagon returns any monies you have deposited.

Application Process & Screening Criteria

Red Wagon Realty is committed to equal housing and we fully comply with the Federal Fair Housing Act (FFHA). We do not discriminate against persons because of race, color, religion, sex, handicap, familial status, national origin, or age. We also comply with all state and local fair housing laws. We offer application forms to everyone who requests one. Each individual over the age of 18 must complete an application and pay the application fee.

Approval is based on six factors listed below:

  • credit history
  • employment verification/history
  • income verification
  • rental history or mortgage payment history
  • criminal background check
  • terrorist database search

Credit History

Our minimum credit score requirement is 600 or better. If all other criteria passes we will accept credit scores between 550 and 599 with a security deposit equal to 1 1/2 (one and a half) times the rental rate and a non refundable Risk Fee of $300.00. If all other criteria passes and a credit score cannot be returned by the bureaus a security deposit equal to 1 1/2 (one and a half) times the rental rate and a non refundable Risk Fee of $300.00 will be required.

Employment Verification/History & Income Verification

Income should be equal or greater than 3 times the monthly rental rate and verified through pay stubs, tax returns, and/or bank statements. Self-employed income may also be verified with a CPA-prepared financial statement or tax return. Your employment history should reflect at least 6 months with your current employer. Transfers or relocations must have correspondence showing an accepted job offer.

To combine your income with another applicant in order to prove income equal or greater than 3 times the monthly rental rate, there are three possible scenarios in which we would consider this:

  • you and the co-applicant are married
  • you and the co-applicant have a Common Law Marriage (requires notarized Common Law Marriage Affidavit, CLICK HERE to download)
  • you and the co-applicant must demonstrate that you have combined finances by providing 6 months of bank statements displaying both names on the bank account
  • you and the co-applicant must demonstrate that you have combined finances by providing 2 years of income tax returns filed jointly with the IRS

Rental History

You must have good rental history or mortgage payment history for the last 5 years. Rental history must be verified directly from your past Landlords. You will be asked to provide us with their contact information (e-mail or fax). Evictions on record within the previous 5 years will be automatic grounds for denial. Broken leases will be considered on a case-by-case basis and an additional security deposit may be required.

Criminal Background Check

We will not rent to anyone with a conviction for an aggravated crime or to any person required to register as a sex offender. They must not be found on any terrorist database search. Other criminal history issues will be reviewed on a case-by-case basis.

Rental Criteria for Pets

Red Wagon accepts two pets maximum per rental property unless the property is specifically advertised with pet restrictions. Call the office at (210) 695-1100 for additional information on aggressive breeds.

 

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Red Wagon Properties
Real Estate Group
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