Programs Our investors offer
Residential Programs - Canada
IjaraCDC has fostered relationships with residential investors willing to provide financing utilizing principles of Islamic financing for Canada.
Explore the various Canada residential programs offered by our licensed investors.
Flexible Down Payment
Suited for home buyers with an excellent credit history but who don't have the required down payment handy.
Must be able to debt service the loan with the down payment
Eligible first-time home buyers with a minimum down payment for an insured mortgage can apply to finance an additional portion of their down payment.
5% to 10% incentive insured secured by a shared equity mortgage with the Canadian Government.
Take cash out from your home's existing equity. Can refinance up to 80% of appraised property value.
Assist family members who don't meet income requirements with purchasing a home. Ideal for parents buying a home for their children in post-secondary schools or adult children buying a home for their elderly parents. Min dp 5%.
It's a simpler way to make your existing mortgage Sharia-compliant by turning the rent-on-money (Riba) transaction into a rent-on-property (Ijara) transaction.
No need to go through the tedious refinancing process, nor is any documentation required. The process takes 10-14 business days, and we usually complete the conversion before your next payment date!
Purchase Plus Improvements
Combines home purchases and improvements into one mortgage. Suited for borrower(s) that require improvements to their newly purchased home.
Projected Income for Dentists & Veterinarians
Allows for borrower qualification to be based on the use of future (projected) income for Dentists and Veterinarians who are in their first year of residency, fellowship, or study (as applicable) or are newly practicing and have completed their program within the last 12 months.
Projected Income for Physicians
Allows for borrower qualification to be based on future (projected) income for medical professionals who are completing or have recently completed their residency/ fellowship within the last 24 months.
Alternative 'B' Lending
Assists borrowers needing time to improve their credit scores, high ratios to allow for higher purchase prices, etc. Offers year terms, rates are higher than traditional lender rates, a fee of 1% of the purchase price is paid to the lender, min dp 20%. Borrowers are moved to A-lenders when their situation improves.
Transfer of Mortgage
Move your current mortgage from one lender to another. Ideal for those who want to take advantage of lower profit rates in the market but are not interested in changing any other terms of their mortgage.
Gifted Down Payment
We can now consider files with a gifted down payment from an immediate relative. A parent, sibling, grandparent, legal guardian, legal dependent, or spouse are all considered immediate relatives.
Total Net Worth Lending
Access to additional mortgage solutions for customers with moderate incomes but with good verifiable liquid assets and strong credit scores.
Business for Self-Fully Qualifying
For self-employed individuals with traditional verification of income. Self-employed line 150 NOA income may be grossed up by 15%, or allowable add-backs may be used if sole proprietor or half owner in a partnership. Self-employed income may not be grossed up if owning an incorporated business. Minimum down payment depending on beacon score.
Business for Self -B- Lender
Designed for self-employed borrowers that can't provide traditional sources of income verification - 6 months bank statement with 15% to 20% down payment.
Other Canada Residential Programs:
Second Homes Program - Designed to assist in purchasing a second home. Min dp 5%.
Small Rental Program - Get financing for purchasing a property that will be fully rented. Min dp 20%.
Bridge Financing - Bridging the down payment if the sale of the current property sells after the closure of the purchased property.
Spousal Buyout Program - Consists of paying your ex-spouse what is owed from the property that both of you lived in or put some money towards.
We are continuously adding more investor partnerships and adding more programs.
Contact us if you do not see a program that fits your scenario. We might have solutions not yet listed here.