Home Buyer Program

Welcome to Al Mumin Islamic Financing’s Home Buyer Program! We are excited to offer a unique opportunity for first-time home buyers and those looking to refinance their existing homes in a manner that aligns with Islamic principles.

Program Highlights

  • Initial Contribution: As part of our commitment to fostering responsible homeownership, participants are required to contribute at least 40% of the home’s value upfront. This substantial initial investment ensures a strong equity position from the beginning.
  • Minimum Contract Period: To provide stability and ensure commitment, participants must stay in the contract for a minimum of 3 years. This period allows for a thorough establishment of ownership and financial stability.
  • Eligibility: This program is exclusively available to first-time home buyers or those seeking to refinance their current homes. Our goal is to support individuals and families in achieving their dream of homeownership in an ethical and faith-aligned manner.
  • Monthly Payments: Each month, your payment is divided into two parts:
    • Rent Component: This is the cost of using the portion of the property still owned by Al Mumin Islamic Financing.
    • Equity Contribution: This amount goes towards purchasing additional shares in the property, gradually increasing your ownership stake.
  • Maximum Payoff Term: Our financing solutions are designed to be manageable and straightforward, with a maximum payoff period of 10 years. This ensures that you can achieve full ownership of your home within a decade, freeing you from long-term debt.

How It Works

  1. Initial Contribution: Make an initial contribution of at least 40% of the property’s value. This strong equity base significantly reduces the financial risk and helps in faster accumulation of ownership.
  2. Shared Ownership: During the contract period, you and Al Mumin Islamic Financing will co-own the property, will share the taxes, HOA and major repair expenses. You will gradually buy out our share through fixed, affordable payments over a maximum period of 10 years.
  3. Stay for 3 Years: Commit to staying in the contract for at least 3 years. This period helps build a stable and predictable payment history, ensuring financial discipline and stability.
  4. Annual Property Assessment: Each year, we reassess the market value of your property to reflect any changes in its worth. This reassessment ensures that both your equity and our share are accurately updated.
  5. Equity Recalculation: Based on the new property assessment, the calculator adjusts the equity shares of both parties. This means your ownership stake will increase proportionally as you continue to make your payments.
  6. Gradual Ownership Transfer: With each payment, your share in the property increases. By the end of the maximum 10-year term, you will have full ownership of your home, free from any financial obligations.