An asset-based mortgage exists because some buyers have the money and not the paycheck. A recent retiree, someone who sold a business, or a person who inherited cash can struggle on a normal income test. Ijara Community Development will qualify the purchase on liquid assets and skip income documents entirely.
The program is available nationwide, up to $3 million, with a 660 credit score and up to 85 percent of the home's value financed. That means the down payment can be as low as 15 percent. Gift funds can cover 100 percent of what you bring to closing. Terms run up to 30 years. Start on the Ijara provider page.
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Who It Is For
This is for people whose balance sheet is the real story. Income is not documented at all, so a thin W-2 or a quiet tax year does not block the file if the assets are liquid and verifiable.
- You are retired, recently sold a business, or received an inheritance
- The assets are liquid enough to verify
- Your credit score is at least 660
- You can live with financing up to 85 percent of value
The Terms in One Place
| Item | Asset qualification |
|---|---|
| Income documents | None. Income is not documented |
| Assets | Liquid assets, including 100 percent gift funds |
| Credit score | 660 |
| How much they finance | Up to 85 percent of value |
| Maximum | $3 million |
| Term | Up to 30 years |
| Where | Nationwide |
| Monthly admin fee | $20 |
Eighty-five percent is high for a program that ignores income, so the quote still has to make sense against the assets you will have left after closing. A $50 late fee applies, with any excess over collection cost given to charity.
The house is placed in a single-asset trust. You are trustee and beneficiary, you pay rent on the property instead of interest, and title comes to you for $1 when the term ends. Mufti Muneer Akhoon chairs the Sharia review.
If You Still Have Income to Show
Do not use an asset program if a paycheck or a tax return would get you a lower down payment. Guidance Residential finances regular purchases in 35 states. UIF does the same in 32 states, with down payments as low as 3 percent on documented files. Self-employed buyers with deposits should compare bank-statement financing and 1099 financing.
A Quick Example
A $750,000 home at 85 percent financing needs about $112,500 from you, before closing costs. The $637,500 they finance is well under the $3 million cap. Gift funds can cover that entire $112,500, which matters if the liquid assets are in a parent's account and the buyer is the retiree who will live in the house.
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What you have left after closing is the real test. If the assets just barely clear the down payment, you have qualified on paper and then emptied the account that was supposed to support a buyer with no documented income. Keep a cushion. Ijara is not documenting a paycheck that can refill it.
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A 660 score is the floor, not a suggestion. Someone with $2 million in a brokerage account and a 640 score does not fit this program until the score moves. The term can still run 30 years once the score and the assets both clear.
Frequently Asked Questions
Can I get a halal mortgage with no income?
Ijara CDC can qualify you on liquid assets and never ask for income documents. You still need a 660 credit score and assets they can verify.
How much can I finance?
Up to $3 million, and up to 85 percent of the home's value. Gift funds can cover the entire amount you bring in.
Does this work for retirees?
Yes. Retirees, people who just sold a business, and inheritance recipients are the buyers this program is built for.
Is it available outside a few states?
Yes. Asset qualification is nationwide.
Is the financing interest-based?
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No. The home is in a trust, your payment is rent on that property, and you take title for $1 at the end.
