Stated-income rental financing exists because portfolio investors often cannot show a tidy salary, and a normal mortgage file asks for one anyway. Ijara Community Development will qualify non-owner and second homes on liquid assets, with no income documents, up to 75 percent of value.
It is not nationwide. It is available in 23 states plus Washington, D.C. Cash-out can happen one day after the property comes off the MLS. There is no prepayment penalty, and investors who already own 20 or more properties can still be financed. See the provider page and rental financing.
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Where It Is Available
Arizona, California, Colorado, Connecticut, Florida, Hawaii, Illinois, Kentucky, Maryland, Michigan, Minnesota, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, and Washington, D.C.
It is not available in New York, Georgia, or Massachusetts. If the property is in one of those states, this program is not the path. Ijara's standard investment program is nationwide and uses documented income instead.
Who It Is For
- You are buying a rental or a second home, not a primary residence on a W-2
- You would rather qualify on liquid assets than on tax returns
- The property is in one of the places listed above
- You may already own a large portfolio, including 20 or more properties
Terms That Are Published
| Item | Stated-income rentals |
|---|---|
| Income documents | None, up to 75 percent of value |
| How you qualify | Liquid assets, including asset depletion |
| Cash-out | Possible 1 day off the MLS |
| Gift funds | Unlimited |
| Seller financing | Possible |
| Condos | Non-warrantable condos allowed |
| Foreign nationals | Allowed |
| Prepayment penalty | None |
| Term | Up to 30 years |
| Portfolio size | 20 or more properties can be financed |
Seventy-five percent of value means you are still bringing a large down payment. The point of the program is the missing income file, not a tiny down payment. Mufti Muneer Akhoon chairs the Sharia review. The property is held through Ijara's trust structure, so the payment is rent on the property rather than interest.
If Your State Is Not on the List
Guidance Residential finances investment properties at 20 percent down in the states it serves. UIF finances investment homes in its 32-state home map. Neither one is this stated-income product. For a primary home where assets matter more than a rental portfolio, look at asset qualification on a separate Ijara program, which is nationwide. Business buildings are a different desk: see halal business financing.
A Quick Example
A $800,000 rental in Texas can go up to 75 percent of value, which is $600,000 of financing and $200,000 down, before closing costs. The same house in New York cannot use this program at all. Cash-out one day after the listing goes off the MLS is for investors who already own and want equity out quickly. It is not a reason to buy a primary home.
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Unlimited gift funds and possible seller carry change how you assemble the $200,000. They do not change the 75 percent ceiling. Non-warrantable condos and foreign nationals are allowed, which is unusual on a residential rental file. There is no prepayment penalty if you sell the rental in year three.
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If you already own 20 properties, say that up front. The program is built for that portfolio, not embarrassed by it. If you own two rentals and have clean tax returns, the standard nationwide investment program may be simpler and may ask for less equity. Use stated income when the income documents are the problem and the state is on the list.
Frequently Asked Questions
Can I get a halal rental mortgage with no income documents?
Yes, through Ijara CDC's stated-income program, up to 75 percent of value, if the property is in a covered state or Washington, D.C.
Is stated-income financing available in New York?
No. New York is not on the list. Georgia and Massachusetts are not on it either.
Can I finance a large portfolio?
Yes. Ijara says investors who own 20 or more properties can use this program.
Is there a prepayment penalty?
No.
Can a foreign national use it?
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Yes. Foreign nationals are allowed, and non-warrantable condos are allowed. Seller carry is possible.
