Mortgages Tailored to Islamic Home Buyers

A few years ago, an Islamic home buyer would have found it almost impossible to get a mortgage compliant with Islam’s sharia law, which prevents the faithful from paying interest.

Today, sharia-compliant loans are a growing market. In a report last month, credit-rating agency Moody’s Investors Service said the global Islamic finance market has increased about 15 percent in each of the past three years and is now worth about $700 billion worldwide.

All the largest lenders, including Citigroup, HSBC, and Deutsche Bank, have affiliates devoted to Islamic finance.

An Islamic mortgage looks like a lease-to-own deal. The bank, not the borrower, buys the house. The borrower makes installment payments to the bank for a period of years, at the end of which he or she gets the title to the house.

Source: USA Today, Paul Wiseman (03/27/08)

I’m really fascinated by this. Sounds like an advantage over other borrowers. Are their loans or purchase prices larger to cover what would have been interest? Can anyone direct me to a mortgage consultant with this specialty?

10 Fastest Growing U.S. Cities

The fast-growing areas in the United States are in the Sunbelt, with Texas leading the way, according to data released today by the U.S. Census Bureau.

Dallas-Fort Worth added more than 162,000 residents between July 2006 and July 2007, more than any other metro area. Three other Texas cities — Houston, Austin, and San Antonio — also were in the top 10.

Experts credit much of the growth in the South to strong local economies and housing prices that are among the most affordable in the United States.

A report earlier this month by Global Insight found that housing prices in the Dallas area were undervalued by as much as 30 percent.

Other areas experiencing growth included the New Orleans area, which is recovering from Hurricane Katrina and grew by 4 percent or nearly 40,000 people. During the same survey last year, the population of New Orleans dropped by nearly 290,000 people.

Meanwhile, Detroit lost more than three times as many people as any other metro area — its population declined more than 27,300. Other areas losing more than 5,000 people were Pittsburgh, Cleveland, Columbus, Ga., Youngstown, Ohio, and Buffalo, N.Y.

The 10 biggest gainers:

  1. Dallas-Fort Worth-Arlington, Texas: 162,250
  2. Atlanta-Sandy Springs-Marietta, Ga.: 151,063
  3. Phoenix-Mesa-Scottsdale, Ariz.: 132,513
  4. Houston-Sugar Land-Baytown, Texas: 120,544
  5. Riverside-San Bernardino-Ontario, Calif.: 86,660
  6. Charlotte-Gastonia-Concord, N.C.-S.C.: 66,724
  7. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.: 66,231
  8. Austin-Round Rock, Texas: 65,880
  9. Las Vegas-Paradise, Nev.: 59,165
  10. San Antonio, Texas: 53,925

The 10 fast-growing metro areas

  1. Palm Coast, Fla.: 7.2 percent
  2. St. George, Utah: 5.1 percent
  3. Raleigh-Cary, N.C.: 4.7 percent
  4. Gainesville, Ga.: 4.5 percent
  5. Austin-Round Rock, Texas: 4.3 percent
  6. Myrtle Beach-Conway-N.C.-Myrtle Beach, S.C.: 4.2 percent
  7. Charlotte-Gastonia-Concord, N.C.-S.C.: 4.2 percent
  8. New Orleans-Metairie-Kenner, La.: 4 percent
  9. Grand Junction, Colo.: 3.7 percent
  10. Clarksville, Tenn.-Ky.: 3.7 percent

Source: The Associated Press, Paul J. Weber (03/27/08)

Seller says “SELL NOW”…ALL Offers submitted!

https://niaknowles.wordpress.com/2008/02/01/short-sale-on-rogers/

Let’s make a deal! Get this great home before it’s too late! Must sell NOW-all offers considered- call me to view the inside and see the details! 404-414-3289.    Huge lot, Gazebo! Full finished basement!! New furnace! Now listed at 100K don’t let this sit on the market too long – these details will be missing then it will be too late. Banks are selling homes AS-IS.. get it while it’s hot and everything is still in tack!