Buying A Home
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Buying A Home
Buying a house (single family, townhouse, or apartment) without “Interest or Riba” is a great opportunity for Crescent Coop members. There are two ways a home buying can be financed for the Coop members
Rent to Own Model
Crescent Coop follows the Musharaka Islamic Financing model where the member pays a minimum of 20% of the total cost of the house and Crescent Coop pays the remaining 80% of the cost of the house. Settlement and other charges are separate. The member will rent the house at the current market rate and will be responsible for applicable local maintenance fees and taxes. Member’s ownership portion of the rent paid is accounted as payment towards the principal amount.
Benefits for Home Ownership:
Less time to pay-off the loan and become an owner compared to conventional banks. Overall less money required to pay-off the loan compared to conventional banks
To become a member please fill out the home financing application form on line or mail the application with required fees to our address. For details please refer to Crescent Coop by-laws or contact Crescent Coop via “Contact Us” weblink.
Note: Home buying and Investments are restricted to qualified Crescent Coop members only.
We provide best possible solutions to make your dream come true
Earning money on money is not permissible in the holy book of Allah (swt), usury is forbidden according to the words of the creator. At the same time, Allah made it permissible for human to get involved in business without indulging in interest.
Investments
- Investment opportunity, sound and secure (not insured by FDIC)
- Community member funded, community member benefited
Home Financing
- Alternative home financing based on Islamic principles
- Buy new homes or refinance existing homes