Minimum Criteria Checklist for Lease with Option to Buy After Repairs Are Made

 
House Address ________________________ Applicant’s Name ______________________________
Automatic Rejection: Applicant will be automatically rejected if any of these are present
Applicant’s total gross household income is less than 3x the monthly payment  
Applicant has been convicted of a violent felony, a drug-related felony, or a sexual felony  
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
 
Applicant has been plaintiff in a lawsuit other than auto or class action, applicant is an attorney, 
paralegal, or law/paralegal student.
 
Other Criteria: Applicant must achieve 15 points according to the following system
Landlord Reference  
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)  
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   
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   
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   
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  

 
The following criteria may be used to make UP TO 5 additional points if needed
Each extra ½ month’s payment paid as option consideration 1 point  
Co-signer with good credit AND real estate 1 point  
Applicant earns more than four times the monthly payment 1 point  
Total  
APPLICANT MUST HAVE 15 POINTS TO QUALIFY
Accepted  
Rejected  
Notes:
 
 
 
 
 
 

 



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