Mubarak Mortgage Review

Mubarak Mortgage is a DBA of HomeMac, LLC (NMLS #1165808; the Faith Based Purchase disclosure also names the entity as Home Mortgage Alliance Corporation, HMAC), a state-licensed mortgage lender headquartered at 4 Hutton Centre Dr., Suite 500, Santa Ana, CA 92707. HomeMac is licensed to lend in 48 states; Mubarak's intake states its Sharia financing program is approved in 25 of them and should not be described as available nationwide. The brand was founded in 2022 per the intake; the About page cites '15+ years' of industry experience, which refers to the HomeMac platform rather than the Islamic program.

The product is Murabaha only. Per the FAQ: you enter a Wakala (agency) agreement appointing Mubarak to facilitate the purchase; Mubarak purchases the property from the seller; it then sells it to you under a Murabaha agreement in which the original purchase price and profit margin are fully disclosed, a fixed total price is agreed upfront, and an installment plan is set for your chosen term. At closing, title transfers to you and Mubarak retains a security interest. The Programs page states you do not sign a promissory note with an interest rate; you sign a Murabaha contract for the balance due.

Mubarak's own disclosures add important context. The seller-facing Faith Based Financing Disclosure (PDF, linked from the Programs page) explains that the seller executes a Faith Based Purchase Agreement, that 'the contractual obligations of the Buyer and Seller under the laws of the United States do not change,' and compares the arrangement to a religious wedding versus a legally binding marriage. The structures page confirms borrowers still receive a Loan Estimate and Closing Disclosure. Buyers should understand the Murabaha is layered on a standard regulated closing, and ask their advisor to walk through the deed and security documents.

Sharia review is documented in three layers on the Fatwas & Endorsements page. The AMJA Resident Fatwa Committee's resolution states it reviewed the Murabaha contract and believes it is Sharia-compliant, while advising Mubarak to appoint an independent Sharia supervisory board. A SHAPE Knowledge Services fatwa dated October 24, 2023, signed by Sh. Abubakar Mohamed Musa, Mufti Ibrahim Issa, and Abdulkader Thomas, finds the SHAPE Installment Credit Sale Contract (Murabahah) and Security Instrument compliant, notes it is suitable for institutions holding the asset on balance sheet to maturity, and commits SHAPE to an implementation review within a year of launch. Imam Dr. Syed Alnajjar is the named endorsing scholar. The intake describes him as 'Mubarak Shariah Board'; the public site shows one scholar, not a multi-member board.

Terms on the public record: down payments as low as 3% (Programs page and intake), a recommended 620 credit score (FAQ), pre-approval in 24-48 hours, and no prepayment penalties. The homepage advertises '10 Day Fundings' and the halal mortgage guide says Mubarak 'has funded homes in as little as 10 days', while the FAQ says full approval typically takes 2-3 weeks and the first-time buyer checklist says most buyers close in 30-45 days; the intake separately cites 17 days and a 10-30 day window. Treat 10 days as a best case. Rates are not published; the intake gives a 6-8% profit rate range, a $0 application fee, a $1,500 processing fee, a 43% maximum DTI, and a $50 late fee donated to Islamic schools.

Refinance is a core use case: the Refinance page markets converting a conventional mortgage to Sharia-compliant financing, lower payments, debt consolidation, and 'cash-out options available' - note the intake marked cash-out as not supported, so confirm with an advisor. The intake also lists second homes and investment properties as eligible usages, accepts W-2, self-employed, retirement, Social Security, investment, and rental income, allows cosigners, and requires two years of residence history.

The team is unusually transparent for a young brand: the Find an Advisor page lists ten licensed Islamic Mortgage Advisors with NMLS IDs, including Faye Safi (Director of Islamic Finance, NMLS #630552, licensed in 27 states), Eddie Eid (Head of Sharia Affairs, NMLS #1561012), and advisors covering CA, IL, MN, OH, OR, and WA. Support is offered in English, Arabic, Urdu, Spanish, and Somali per the intake, and the careers page lists Farsi as a plus. The site also runs community events (e.g., Arabica Connect, Fountain Valley, Oct 2026) and a realtor partner program.

Overall: a credible, well-documented Murabaha option with real third-party review and a licensed direct lender behind it. The gaps are governance (no standing board), quote-only pricing with no published term lengths, a 25-state footprint, and a short Islamic-finance track record. Compare Mubarak's fixed-price Murabaha quote against Guidance and UIF co-ownership quotes in your state; outside its footprint, IjaraCDC remains the nationwide fallback.