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Helping Muslim homebuyers get fee-based loans
We have a large refugee population in Buffalo, and we're discovering that some of the more settled residents in Muslim communities have started thinking about homeownership. We're running into a major issue, though--many won't take out traditional mortgages, because the interest is haraam. Instead, they're looking for fee-based loans, wherein the bank and the homeowner buy the home together with the homeowner paying a (significant) fee up-front, and gradually buying more of the home over time from the bank until they own it.
No banks in Buffalo will offer these loans. We've looked it up, and there appear to be some national companies who offer them (such as this one), but we don't know whether we can trust them or recommend them to homebuyers. Does anyone have experience with this issue?
Tags: education, fee-based, homebuyer, homebuyers, loans, muslim
Replies to This Discussion
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Permalink Reply by Ray Neirinckx on -
First, I would talk with your state housing finance ageny in New York- New York State Housing Finance (http://www.nyhomes.org ) and see if they could develop a loan product for you. The other options are to talk with your Habitat for Humanity chapters about their no-interest mortgages, which is how Habitat mortgages are done here.
Lastly, I would check out this article for possible leads too:
http://www.frbsf.org/publications/community/investments/cra02-1/isl...
Good Luck.
Ray Neirinckx
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Permalink Reply by Laura Sweat on -
Thank you so much! This is all very helpful.
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Permalink Reply by Sal Steven-Hubbard on -
I believe NHS of Baltimore has a program....
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Permalink Reply by Bob Campbell on -
I was thinking that this was well used in the Detroit area. Have you spoken to anyone there?
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