Interest-free loans up to $25,000
A first-time homebuyer loan can provide assistance with closing costs, basic repairs, moving expenses, furniture, and appliances. If you haven’t already purchased the home, you will need to be approved for a mortgage and be able to cover the down payment yourself when you apply for our loan.
A first-time homebuyer is defined as someone who has owned their current home for less than three years and has not owned any other home in the last three years.
Some borrowers wonder if our loan will impact their credit when they’re about to close on a home purchase. The short answer is no. Typically, if our loan is approved while the purchase is in process, we wait until the borrower has closed on their home to disburse the funds. If applicants need our funds to complete the purchase, we encourage them to check with a mortgage professional to be sure of their lender’s requirements.
If you’re unsure what loan type to apply for, select the one that seems like the best fit. A loan officer will work with you to figure out what type of loan will be most helpful.
Hebrew Free Loan’s Model
Hebrew Free Loan is based on principles found in the Torah, in which we are commanded not to derive personal benefit — i.e. not to charge interest — when we lend money to assist those in need. Click here to watch a short video about Parashat Mishpatim, the Torah section that contains these teachings.
We’ve proven the success of our model with a repayment rate of over 99.5%. That’s the beauty of interest-free lending. As loans are repaid, funds are recycled to make new loans. Many loan recipients also participate in our Full Circle Club, in which former borrowers pay forward the help they received by donating to Hebrew Free Loan to help the next person in need.
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