A bank-statement mortgage exists because self-employed people often write off enough expenses that a tax return looks too small to buy a house. The halal version does the same job without interest. Ijara Community Development qualifies that income from bank statements or a profit-and-loss statement.
The program is available nationwide on 1 to 4 unit homes, from $100,000 to $2 million, with 20 to 25 percent down and a term up to 30 years. There is no application fee. Processing is $1,295 to $1,995, and you can prepay with no penalty. Start on the Ijara CDC provider page and the home financing hub.
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Who It Is For
This is for owners whose bank deposits tell a clearer story than their tax return. A contractor, a clinic owner, or a shopkeeper with steady deposits and a thin Schedule C is the usual fit. W-2 employees with two years of pay stubs do not need this program.
- You are self-employed, on a 1099, or you own a small business
- Bank deposits or a profit-and-loss statement show the income
- You can put 20 to 25 percent down
- The home is 1 to 4 units and the price fits $100,000 to $2 million
What Ijara Asks For
| Item | Bank statement or P&L |
|---|---|
| Where | All 50 states |
| Property | 1 to 4 units |
| Amount | $100,000 to $2 million |
| Down payment | 20 to 25 percent |
| Term | Up to 30 years |
| Income proof | Bank statements or a P&L |
| Application fee | $0 |
| Processing | $1,295 to $1,995 |
| Prepayment | No penalty |
Closing is usually under 30 days. A late fee is $50. Sharia review is chaired by Mufti Muneer Akhoon. The home sits in a trust. You pay rent on the trust's share instead of interest, and you buy the trust out over time.
When a Regular Quote Is Cheaper
If your tax returns already support the payment, do not start here. Guidance Residential and UIF quote regular home purchases in the states they serve, and Ijara's conventional program can start near 3 percent down when the income is fully documented. Read halal home financing for the self-employed and the Ijara CDC review.
Gig workers with clean 1099s may fit halal 1099 financing better. Buyers with savings and little current income should look at asset qualification.
A Quick Example
Take a $500,000 home. At 20 percent down you bring $100,000, and the financing is about $400,000. At 25 percent down you bring $125,000. Both sit inside the $100,000 to $2 million band, and both are 1-unit purchases, which this program allows. A $90,000 condo is below the $100,000 minimum, so it would not fit even if the deposits look perfect.
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Processing of $1,295 to $1,995 is a closing cost, not part of the down payment. Budget it on top of the cash you are bringing, along with the usual title and inspection costs. Because closing is often under 30 days, have the bank statements or the profit-and-loss statement ready before you write the offer, not after the seller accepts.
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If two businesses deposit into two accounts, Ijara can look at both. Keep personal spending out of the business account for the months you will hand over. Mixed deposits make the income look smaller than it is, and this program is only useful if the statements are readable.
Frequently Asked Questions
Can I get a halal mortgage with bank statements?
Yes. Ijara CDC can qualify self-employed buyers on bank statements or a profit-and-loss statement, without using a tax return as the income proof.
How much down payment is required?
Plan on 20 to 25 percent down. The financing amount runs from $100,000 to $2 million.
Is a halal bank-statement mortgage available in my state?
Yes. Ijara offers this program nationwide, including on 1 to 4 unit homes.
Can I pay the financing off early?
Yes. Ijara does not charge a prepayment penalty on this program.
What if my tax returns are strong enough?
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See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Get a fully documented quote from Guidance, UIF, and Ijara's conventional program. A bank-statement file usually costs more because the down payment is higher.
