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Minimum Criteria Checklist for Lease with Option
to Buy After Repairs Are Made
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| House Address ________________________
Applicant’s Name ______________________________ |
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Automatic Rejection: Applicant will be automatically
rejected if any of these are present
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| Applicant’s
total gross household income is less than 3x the monthly payment |
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| Applicant
has been convicted of a violent felony, a drug-related felony, or a sexual
felony |
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| Applicant
has lied on the application about any of the following:
Current or previous landlord/manager’s name, Job history
or current employer, Applicant’s identity or social security number |
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| Applicant
has been plaintiff in a lawsuit other than auto or class action, applicant
is an attorney, paralegal, or law/paralegal student. |
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Other Criteria: Applicant must achieve 15 points
according to the following system
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| Landlord
Reference |
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| Good reference
from last two landlords; no complaints; would re-rent |
3 points |
| Good reference
from one landlord, no reference from other |
2 points |
| No reference from
either landlord, unit clean and well-kept on inspection |
1 point |
| Bad reference from
either landlord |
-1 point |
| Rental
History (last 24 months) |
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| No late payments
in the last 2 years |
3 points |
| Payments less than
10 days late but caught up |
2 points |
| Payments more than
10 days late but less than 30 days late, caught up |
1 point |
| Payments more than
30 days late OR evicted & moved out before set out |
0 points |
| Set out one time |
0 points |
| Multiple set outs
or multiple eviction moves |
-1 point |
| Current
rent vs. Proposed rent |
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| Current rent is
the same or more than new rent |
2 points |
| Current rent is
not more than 15% less than new rent |
1 point |
| Current rent is
15 - 30% below new rent |
0 points |
| Current rent is
more than 30% below new rent |
-1 point |
| Job
Stability |
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| Has been on same
job for more than 24 months |
3 points |
| Has been on 2 jobs,
same line of work in past 24 months |
2 points |
| Has been on 2 jobs,
different line of work in past 24 months |
1 point |
| Has been on more
than 2 jobs in the last 24 months |
0 points |
| Has no employment
income |
-1 point |
| Applicant’s
ability to complete necessary work |
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| Has proven ability
to do all types of work that the property needs |
3 points |
| Has proven ability
to do majority of work that the property needs |
2 points |
| Has friend/relative
with proven experience who will guarantee work |
1 point |
| No ability to do
the work |
0 points |
| Subtotal |
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The following criteria may be used to make UP
TO 5 additional points if needed
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| Each extra ½
month’s payment paid as option consideration |
1 point |
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| Co-signer with
good credit AND real estate |
1 point |
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| Applicant earns
more than four times the monthly payment |
1 point |
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| Total |
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APPLICANT MUST HAVE 15 POINTS TO QUALIFY
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| Accepted |
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| Rejected |
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| Notes |