Minimum Criteria Checklist formatted in a table suitable for a Microsoft Word document.
Minimum Criteria Checklist for Lease with Option to Buy
House Address: ________________________
Applicant’s Name: ____________________________
Part 1: Automatic Rejection Criteria
Applicant will be automatically rejected if ANY of the following are present.
| ✅ | Criteria |
|---|---|
| ☐ | 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: – 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), OR applicant is an attorney, paralegal, or law/paralegal student. |
Part 2: Qualification Scoring
Applicant must achieve a minimum of 15 points from the criteria below.
| Category | Criteria | Points | Score |
|---|---|---|---|
| Landlord Reference | Good reference from last two landlords; no complaints; would re-rent | 3 | |
| Good reference from one landlord, no reference from other | 2 | ||
| No reference from either landlord, unit clean and well-kept on inspection | 1 | ||
| Bad reference from either landlord | -1 | ||
| Subtotal: | _____ | ||
| Rental History (last 24 months) | No late payments in the last 2 years | 3 | |
| Payments less than 10 days late but caught up | 2 | ||
| Payments more than 10 days late but less than 30 days late, caught up | 1 | ||
| Payments more than 30 days late OR evicted & moved out before set out | 0 | ||
| Set out one time | 0 | ||
| Multiple set outs or multiple eviction moves | -1 | ||
| Subtotal: | _____ | ||
| Current Rent vs. Proposed Rent | Current rent is the same or more than new rent | 2 | |
| Current rent is not more than 15% less than new rent | 1 | ||
| Current rent is 15 – 30% below new rent | 0 | ||
| Current rent is more than 30% below new rent | -1 | ||
| Subtotal: | _____ | ||
| Job Stability | Has been on same job for more than 24 months | 3 | |
| Has been on 2 jobs, same line of work in past 24 months | 2 | ||
| Has been on 2 jobs, different line of work in past 24 months | 1 | ||
| Has been on more than 2 jobs in the last 24 months | 0 | ||
| Has no employment income | -1 | ||
| Subtotal: | _____ | ||
| Ability to Complete Work | Has proven ability to do all types of work that the property needs | 3 | |
| Has proven ability to do majority of work that the property needs | 2 | ||
| Has friend/relative with proven experience who will guarantee work | 1 | ||
| No ability to do the work | 0 | ||
| Subtotal: | _____ | ||
| Total from Part 2: | _____ |
Part 3: Bonus Points (If Needed)
*The following criteria may be used to make up to 5 additional points if the applicant has not yet reached the 15-point minimum.*
| Criteria | Points | Score |
|---|---|---|
| Each extra ½ month’s payment paid as option consideration | 1 | _____ |
| Co-signer with good credit AND real estate | 1 | _____ |
| Applicant earns more than four times the monthly payment | 1 | _____ |
| Bonus Subtotal: | _____ |
Final Scoring & Decision
| Score | |
|---|---|
| Part 2 Total: | _____ |
| Part 3 Bonus: | + _____ |
| GRAND TOTAL: | _____ |
APPLICANT MUST HAVE 15 POINTS TO QUALIFY
| Decision | ☐ Accepted | ☐ Rejected |
|---|
Notes:
