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5 STEPS TOWARDS BUYING YOUR NEW HOME
We are here to guide you through the homebuying process
Pre-Qualify
Pre-Qualify online in 10 minutes
No credit check required
Get Pre-Approved
Complete full application and
get Pre-Approval Letter
Connect
Connect with an experienced local real estate agent
Shop
Find your dream home and
make an offer
Close
Take a final walk through and prepare for the closing day!
WHAT MAKES GUIDANCE RESIDENTIAL DIFFERENT?
Guidance Residential offers unique benefits that distinguish it from other home financing providers. These benefits provide a transparent, consumer friendly home financing option which is consistent with the Muslim faith's strict prohibition on riba (usury).
Co-ownership
Guidance Residential and home buyers each own a percentage as co-owners. Home buyers increase their share over a period of time through a monthly payment.
Risk Sharing
Guidance Residential shares the risk with the homebuyer in case of natural disasters, eminent domain or foreclosure.
Riba-free
The Declining Balance Co-ownership program, does not involve payment of riba. It is 100% riba-free.
No Pre-payment Penalty
There is no pre-payment penalty required by Guidance Residential when a homebuyer wants to pay ahead of the agreed schedule.
Capped Late Payment Fees
Guidance Residential will only charge a capped fee of $50 or less for late payments. The fee covers the expenses involved in administering a late payment rather than the standard 5% penalty, and will not be profited by Guidance Residential.
Non-recourse Commitment
In the event of payment default, Guidance Residential does not pursue any of the homebuyer's other assets.
Independent Shariah Board
Guidance Residential has an independent Shariah Board comprised of notable scholarly authority headed by Justice Muhammad Taqi Usmani, who is also the chairman of the Shariah Board for the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Endorsed By AMJA
The Declining Balance Co-Ownership Program of Guidance Residential has been endorsed by the Assembly of Muslim Jurists of America (AMJA) - an advisory group to the Muslim American public with experts in the Islamic jurisprudence.
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