Example, say the holder of a judgment against you decides to grab money out of your checking account that was earmarked for a mortgage payment, boom and the problem gets worse. Clean up the mess before creating another one, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I started working with their agent, but due to illness haven't had a chance to complete the process.
Here is the infor from their website. You don't have to be Muslim to apply.
UIF is pleased to offer two Islamic home financing programs that can be used to purchase a new home or refinance an existing one. Both programs, Murabaha and Ijara, are acceptable financing models from a Shariah perspective and are fully approved by our independent Shariah Board. Equally important, our pricing is very competitive when you compare us to conventional lenders. We offer quality products, competitive pricing and peace of mind. Our question to you: Why pay more for home financing elsewhere?
We currently offer Shariah-compliant home financing in the following states:
California, Illinois, Indiana, Maryland, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia, Washington
Murabaha Home Financing
Murabaha financing is also known as an â€œinstallment saleâ€ contract. In this case, UIF will act as an agent for University Bank and purchase the property you identify. University Bank will then sell the property back to you at an agreed-upon, marked-up price. Down payments for our Murabaha contracts may be as low as 5% in certain states. Read more about Murabaha Home Financing or visit our Murabaha FAQ page.
Ijara Home Financing
Ijara financing is a redeemable lease contract based on the Islamic principle of Ijara wa Iqtina, (lease to own). The process is simple: You identify a property and an independent Trust acquires it on your behalf and leases it back to you. You make monthly payments to the Trust that comprise of a Rent portion and an Acquisition payment. At the end of the contract term, the Trust transfers the house ownership to your name. You now own the property free and clear. The minimum down payment for our Ijara contracts is 25%. Read more about Ijara Home Financing, or visit our Ijara FAQ page.
UIF Home Finance Main Office: 30500 Northwestern Hwy. Suite 315 Farmington Hills, MI 48334
The best advice I can give you is to work on correcting your credit. Since the downfall of the real estate market the lender requirements have become more strict and I don't see that changing any time soon. Find a non-profit credit counseling center near you and work with them to correct any errors and make arrangements to pay off bad debt.
Karen Paytas, GRI, CMS
Real Living Kee Realty