Rental Criteria

Rental criteria can vary slightly from owner to the next, but generally speaking here is a set of criteria that we tend to use in most cases. If your situation is substantially different that the criteria below you will most likely fail to qualify for one of our homes (sorry!). However, if you are “close” to the guidelines please contact us as some of our owners may have slightly different qualifications that could allow you to rent or rent to own their one of their properties.
I. Income:

• Total combined gross monthly income must be at least two and a half (2.5) times the amount of monthly rent (i.e.: $700 monthly rent x 2.5 = $1,750 monthly income). Subsidy recipient’s income must be two and a half (2.5) the amount of the rent portion they are responsible to pay.
• Income must be verifiable in writing, which may include a pay stub, verification form on company letterhead, letter of benefit assignments or tax statements.
• Examples of income include, but are not limited to: Wages, Salaries, Tips, Social Security Benefits, Retirement, Pension or Savings Accounts, Stocks, Bonds, Child Support or Alimony payments, Unemployment Benefits or Public Assistance.
• Savings Accounts may be considered in lieu of active employment with verification of bank balances (savings, checking, money market, certificates of deposit) totaling at least six (6) times the monthly rent.
• Applicants who do not meet the income requirements will be required to provide a co-signer on the lease who does meet the criteria.

II. Rental History:

The following items may disqualify rental acceptance:

• Previous unpaid eviction(s) within the previous year.
• Outstanding balance owed to previous or current landlord.
• History of lease violations or broken lease terms (i.e.: late payments, NSF checks, noise complaints, skips or any negative reference).
• Applicants with no previous rental history will be required to provide a co-signer who meets the income and credit requirements of the Rental Acceptance Criteria, or furnish additional funds as determined by Landlord including but not necessarily limited to an increased security deposit at twice the deposit amount in effect at the time of approval or last month’s rent paid in advance.

III. Credit History:

The following items may disqualify rental acceptance:

• Bankruptcy: Applicant is eligible immediately after the date of the order of discharge for a Chapter 7 or Chapter 13 bankruptcy.
• Credit history will be weighed in conjunction with all other rental criteria. Minnesota Rental Houses reserves the right to deny any applicant based solely on a history of any delinquent credit activity. (Medical expenses and foreclosures are exempt).
• Applicants with no previous credit history will be required to provide a co-signer who meets the income and credit requirements of the Rental Acceptance Criteria, or furnish additional funds as determined by Landlord including but not necessarily limited to an increased security deposit at twice the deposit amount in effect at the time of approval or last month’s rent paid in advance.

IV. Criminal / background check:

• All applicants require a criminal background check. If residency in current state does not exceed five (5) years, additional reports are required from all previous states that applicant resided in the last 5 years.
• Felony convictions will disqualify an applicant for life from being a resident including, without limitation felony DWI’s. Registered sex offenders will be disqualified for life.
• Misdemeanor convictions or gross misdemeanor convictions will disqualify an applicant for up to three (3) years on crimes against persons, property or drug related illegal activity. The time period starts upon the date of the disposition of the crime.

V. Proper Identification:

Applicants must have one or more of the following in addition to a Government Issued Photo Identification.

• Valid Social Security Card
• Passport
• Permanent Resident Card
• Visa