Ijara Community Development Corporation

THE MISSION OF THE IJARA SHARIA HOMEOWNER LEARNING INSTITUTE (ISHLI) IS TO ADDRESS THE ISSUES OF HOMEOWNERSHIP THAT ISLAMIC FAMILIES ENCOUNTER. ISHLI ACCOMPLISHES ITS MISSION THROUGH THE IMPLEMENTATION OF EDUCATIONAL FORUMS, SHARIA FINANCIAL COUNSELING, IJARA HOME PURCHASE PROGRAM AND IJARA SHARIA MORTGAGE EDUCATION. THESE PROGRAMS ADDRESS THE NEEDS OF SHARIA COMPLIANT FINANCIALLY UNDERSERVED ISLAMIC COMMUNITIES, ECONOMICALLY CHALLENGED PERSONS AND COMMUNITIES AND OTHER COMMUNITIES THAT FALL UNDER THE CHARITABLE PURPOSES FOR WHICH IJARA IS ESTABLISHED AND AUTHORIZED TO SERVE.

IJARA EDUCATIONAL FORUM ALL IJARA MEMBERS ATTEND AN EDUCATIONAL FORUM, WHICH INTRODUCES THEM TO IJARA PROGRAMS AND SERVICES AND PROVIDES IMPORTANT INFORMATION ABOUT REAL ESTATE, HOUSING, AND THE PURCHASE PROCESS. AFTER SUCCESSFULLY ATTENDING THE EDUCATIONAL FORUM, MEMBERS MOVE ON TO THE PROGRAMS LISTED BELOW AS A MEMBER'S NEED IS ASSESSED AND DETERMINED BY IJARA.

OTHER PROGRAM EXPENSES FOR OVERALL OPERATIONS.

IJARA FINANACIAL COUNSELING ONE-ON-ONE COUNSELING. EVERY IJARA MEMBER HAS HIS OR HER OWN MORTGAGE CONSULTANT TO WORK WITH THROUGH THE HOME PURCHASE AND MORTGAGE PROCESS. THE MORTGAGE CONSULTANT WILL WORK WITH A MEMBER FOR AS LONG AS IT TAKES TO QUALIFY FOR A MORTGAGE, LOCATE AND PURCHASE A HOME. FINANCIAL COUNSELING. THE MORTGAGE CONSULTANT WILL WORK WITH THE IJARA MEMBER TO DEVELOP A REALISTIC FINANCIAL ANALYSIS THAT DETERMINES AN AFFORDABLE PURCHASE PRICE WHILE MAINTAINING A COMFORTABLE STANDARD OF LIVING. CREDIT RESOLUTION. THE MORTGAGE CONSULTANT WILL WORK WITH MEMBER TO RESOLVE ANY CREDIT ISSUES. THIS MAY INVOLVE CORRECTING MISTAKES MADE BY THE CREDIT BUREAUS AND REPORTING COMPANIES. THE MORTGAGE CONSULTANT ALSO ADDRESSES PAYMENT HISTORY PROBLEMS AND CAN ASSIST YOU IN DEVELOPING AND IMPLEMENTING A PLAN TO RE-ESTABLISH AND IMPROVE YOUR CREDIT. FOR SOME MEMBERS, THIS MAY TAKE A PERIOD OF TIME. IJARA QUALIFICATION (I.E. MORTGAGE QUALIFICATION). AFTER DEVELOPING A REALISTIC FINANCIAL ANALYSIS, RESOLVING CREDIT ISSUES, DEMONSTRATING SUFFICIENT SAVINGS, AND OBTAINING THE DOCUMENTS NECESSARY TO BE APPROVED, A MEMBER CAN BE IJARA QUALIFIED. THE MORTGAGE CONSULTANT WILL DETERMINE THE MAXIMUM PURCHASE PRICE BASED ON A MONTHLY PAYMENT THAT FITS THE MEMBER'S BUDGET, THE CURRENT INTEREST RATE AND THE ESTIMATED TAXES AND INSURANCE. IJARA QUALIFICATION VIRTUALLY ASSURES THAT THE LENDER WILL APPROVE THE MORTGAGE APPLICATION. IJARA MORTGAGE PROCESS COUNSELING MEMBERS WILL GO THROUGH A CREDIT AND MORTGAGE PROCESS COUNSELING SEMINAR PRIOR TO SUBMITTING AN APPLICATION FOR CREDIT AND A MORTGAGE. AFTER SUCCESSFULLY COMPLETING THE CREDIT AND MORTGAGE COUNSELING SEMINAR, THE BUYER WILL SUBMIT A CREDIT APPLICATION FOR APPROVAL. CREDIT AND MORTGAGE APPLICATION. IJARA REQUIRES THAT PRIOR TO SUBMITTING A MORTGAGE APPLICATION THROUGH IJARA THAT A MEMBER APPLY TO IJARA FOR CREDIT AND GET APPROVED - CALLED IJARA CREDIT PROCESS. ONCE THE APPLICATION FOR IJARA CREDIT PROCESS HAS BEEN APPROVED, THE MORTGAGE CONSULTANT WILL TAKE THE MEMBERS MORTGAGE APPLICATION. BECAUSE OF ALL THE PRE-APPLICATION WORK, LENDERS APPROVE VIRTUALLY ALL MORTGAGE APPLICATIONS. MORTGAGE PROCESS. THE MORTGAGE CONSULTANT WILL WORK WITH THE MEMBER TO NAVIGATE THE MORTGAGE PROCESS AND OBTAIN A COMMITMENT LETTER. AFTER THE LOAN IS APPROVED, THE MORTGAGE CONSULTANT REVIEWS THE COMMITMENT LETTER WITH THE MEMBER AND DISCUSSES ANY ADDITIONAL CONTINGENCIES (CONDITIONS) SPECIFIED BY THE LENDER. CLOSING. THE MORTGAGE CONSULTANT WILL ADVISE THE MEMBER ABOUT THE INSURANCE BINDER AND PRE-PAID TAXES, INSURANCE, ETC. DUE AT THE CLOSING. THE BUYER'S AGENT OR OTHER REAL ESTATE AGENT WILL BE PRESENT AT THE CLOSING AND THE MORTGAGE CONSULTANT AND IJARA STAFF WILL BE AVAILABLE TO HANDLE ANY LAST MINUTE PROBLEMS. IJARA MEMBERSHIP ASSISTANCE PROGRAM (IMAP). IJARA PROVIDES COUNSELING AND FINANCIAL ASSISTANCE FOR IJARA HOMEOWNERS THROUGH THE IJARA MEMBERSHIP ASSISTANCE PROGRAM WHICH PROVIDES EMERGENCY FINANCIAL ASSISTANCE TO PREVENT FORECLOSURE, AS WELL AS PROVIDING STAFF WHO CAN PROVIDE FINANCIAL COUNSELING, PAYMENT PLANS AND OTHER ASSISTANCE IN HELPING TO AVOID FORECLOSURE.

IJARA HOME PURCHASE PROGRAM PURCHASE WORKSHOP. IJARA WILL PROVIDE INFORMATION ON THE HOME PURCHASE PROCESS, INCLUDING VALUABLE INFORMATION REGARDING REAL ESTATE. AN IJARA BUYER'S BROKER/AGENT ("BUYER'S AGENT") OR IJARA REFERRAL AGENT CAN ASSIST IN THE HOUSING SEARCH. HOUSE HUNTING. WORKING WITH A BUYER'S AGENT OR ANOTHER AGENT REFERRED TO A MEMBER BY IJARA CAN HELP FIND THE HOME AND NEGOTIATE THE BEST POSSIBLE TERMS IN THE PURCHASE AND SALE AGREEMENT. PROPERTY EVALUATION. ONCE A HOME IS SELECTED, IT MUST BE INSPECTED. IJARA REVIEWS THE HOME INSPECTION TO DETERMINE IF THE HOME MEETS IJARA'S CRITERIA OR NEEDS ADDITIONAL WORK. IJARA MAY REQUIRE THAT REPAIRS OR RENOVATIONS BE MADE.