Method of financing home ownership for sub prime prospective home buyers
First Claim
1. A program for acquiring home ownership, comprising:
- a. performing a credit assessment of a prospective home buyer;
b. determining if the prospective home buyer qualifies for the program based upon predetermined criteria;
c. selecting a home for purchase from homes available for sale in a target geographic area and within a target price range;
d. entering into a contract with a third party, said contract identifying the terms by which the prospective home buyer can purchase the selected home;
e. having the third party acquire the selected home;
f. fulfilling the terms of said contract;
g. acquiring conventional financing for the prospective home buyer; and
h. transferring ownership of the selected home from the third party to the prospective home buyer.
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Accused Products
Abstract
A program for purchasing homes is disclosed. The program is primarily intended for individuals with a poor or sub prime credit rating that precludes them from qualifying for conventional home loan financing. The individuals improve their credit rating as part of the program. The program is preferably operated as a franchise in which franchisees initially purchase homes on behalf of the individuals, lease the homes to the individuals according to a contract entered prior to purchasing the home and, upon successful fulfillment of the lease, the home is sold to the individual using conventional financing. The fulfillment of the lease-to-own contract assists in improving the individual'"'"'s credit rating and assists in positioning the individual to qualify for conventional home loan financing.
146 Citations
41 Claims
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1. A program for acquiring home ownership, comprising:
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a. performing a credit assessment of a prospective home buyer;
b. determining if the prospective home buyer qualifies for the program based upon predetermined criteria;
c. selecting a home for purchase from homes available for sale in a target geographic area and within a target price range;
d. entering into a contract with a third party, said contract identifying the terms by which the prospective home buyer can purchase the selected home;
e. having the third party acquire the selected home;
f. fulfilling the terms of said contract;
g. acquiring conventional financing for the prospective home buyer; and
h. transferring ownership of the selected home from the third party to the prospective home buyer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A method for prospective home buyers with a sub prime credit rating and who do not qualify for conventional home loan financing to purchase a home, comprising:
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a. performing a credit assessment of the prospective home buyer;
b. determining that the prospective home buyer does not qualify for conventional home loan financing based in part upon the credit assessment;
c. determining a plan to improve the credit rating of the prospective home buyer such that, if the plan is implemented and completed, the prospective home buyer will improve their credit rating;
d. selecting a home to purchase based in part upon the credit assessment and plan;
e. preparing a contract that identifies a price the prospective home owner will pay to acquire the selected home and that includes other terms based upon the plan;
f. having the prospective home owner and a first entity enter the contract;
g. having the first entity purchase the selected home according to the terms of the contract;
h. completing the terms of the contract;
i. obtaining conventional home loan financing for the prospective home buyer for the purchase of the selected home at the agreed price identified in the contract; and
j. transferring ownership of the selected home from the first entity to the prospective home buyer. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
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31. A system for purchasing homes, comprising:
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a. creating a franchise having a franchisor and multiple franchisees, including a first franchisee;
b. having a first prospective home owner and the first franchisee enter a contract;
c. having the first franchisee purchase a home selected by the first prospective home buyer;
d. renting the selected home to the first prospective home buyer according to terms contained in the contract; and
e. selling the selected home to the first prospective home buyer at the end of the rental period which is identified in the contract. - View Dependent Claims (32, 33, 34, 35, 36, 37, 38, 39, 40, 41)
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Specification