Minnesota Homeownership Center Collaboration Releases Report on Non-Interest-Bearing Financing
The Minnesota Homeownership Center, along with partners Local Initiatives Support Corporation (LISC) Twin Cities, the Federal Reserve Bank of Minneapolis, NeighborWorks Home Partners, African Development Center, Minnesota Housing and the Homeownership Opportunity Alliance, has released its report on homeownership financing options that are non-interest-bearing. The report is the culmination of months of research to identify products that are available in Minnesota and explain different financing models in an easy-to-understand format.
The guide is designed to provide lenders, real estate professionals, homeownership advisors and others with the information to support homebuyers who may be considering these financing methods.
“Many faiths including Christianity, Judaism, and Islam, prescribe adherence to financing principles, many of which comprise conventions around the use of interest. A popular housing provider around the world, Habitat for Humanity, in fact was founded on Christian principles that limit how interest is used in the purchase of a home.” – Non-Interest-Bearing Financing in Minnesota Guide
The complete guide can be viewed at the Minnesota Homeownership Center website.
