Here’s what you’ll need to qualify for islamic home financingMarch 7, 2014 at 10:58 pm
You may have heard the rumors that it’s going to get harder to get islamic mortgage loans this year, but the truth is if you have the proper documentation and are financially ready to start the process for islamic home financing, there shouldn’t be an issue.
To make sure the process run smoothly, you’ll need:
- Full tax returns from the past two years. It stands to reason even if you’re looking for a Sharia compliant loan, the lender will want to be sure you pose as little risk as possible for repayment. It’s a red flag to these institutions when your household income fluctuates a little too much year to year.
- Pay stubs. The lender will also want to see your most recent pay stubs for official reasons and if you haven’t saved them, you can generally get them from your human resources department.
- Verification of your salary and position. These are all just formalities for people who are legitimately looking for Islamic home financing.
These requirements apply to both islamic mortgage loans and the more traditional western variety.