Interest-free loans up to $25,000
With a First-Time Homebuyer loan you can get assistance with closing costs, basic repairs, moving expenses, furniture, and appliances. A first-time homebuyer is defined as someone who has not owned their own home in the last three years. You will need to be approved for a mortgage and be able to cover the down payment yourself.
Some borrowers wonder, will the loan impact my credit right before closing on my home? No, the loan will not impact the borrower’s credit right before closing. Typically, if the loan is approved we wait until the borrower has closed on the home to disburse the funds.
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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