Avoid Subprime: Get an Islamic Home Loan


	Avoid Subprime: Get an Islamic Home Loan

Joshua Zumbrun

5-13-2008 10:43 AM

583 views

tags:

islamic, home, loans, no, interest, american, muslim, dream

Joshua Zumbrun says:

Who knew? Freddie Mac bought more than $250 million in Islamic home loans last year.

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The mortgage industry may be in meltdown, but at least one class of lender appears to be flourishing: Islamic finance companies that offer Muslim home buyers alternative arrangements such as lease-to-own deals so they can avoid making the sort of interest payments that many believe their religion forbids.
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Officials at Guidance Residential, a Reston company that has financed more than 5,000 home purchases since it began in 2002, said the company is having its best year yet, with business up 7 percent in the first quarter of 2008 from the first quarter of 2007.
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At University Islamic Financial, which began in Ann Arbor, Mich., and expanded its operations to Maryland, Virginia and five other states last year, officials said the number of home-financing applications quadrupled from last March to this March.
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