Thursday, April 05, 2007

In tears

I am really in tears today.

We were not accepted on our mortgage pre-approval application for a 30-year fixed at CINCO.

I am devastated.

Is there anything good going to happen to us living here in Cincinnati?

My husband's job SUCKS. He is more depressed than I think I have ever seen him.

And now this.

We were *so hoping to get out of this daggone expensive rental we're in, and buy and get some equity going and move into a neighborhood of muslims where we have friends.....

If it's any consolation for myself, I don't like at all the way the mortgage broker at CINCO dealt with me. He wasn't "user friendly" shall we say. The folks down in FL at our old credit union when we were thinking of applying for a mortgage 3 years ago were SO MUCH MORE HELPFUL. They gave us this hudge packet of stuff with a checklist on "how to qualify" etc.

Granted, we are 6 years out of a bankruptcy, but we have absolutely NO DEBT, alhumdulillah and don't EVER plan on getting HARAM credit cards again, thank you very much!

CINCO approved us for a $15,000 auto loan last fall, so we thought a mortgage would be no biggie.

This guy just jotted my husband's TIN and employer's name and took one paystubb of his from me, halas that was it. Apparently the 8 months of work history was what did it. (they want 2 years). NEVERMIND that I have a work history from Qatar, he didn't want my tax papers or anything from me. They totally refused to judge us collectively, as a family unit. My hubby has to be the one the mortgage's name is in apparently b/c in the United States of America I mean jack @#$#^ because I don't have a paid job (I'm a stay-home mom). My husband took 2 years off while we were in Qatar so I could work and he could be a house husband, and this is what we get? How completely ANTI-FAMILY.

Man, as I replay this mortgage broker's actions in my mind I can't help but think that he really wasn't trying to help me get approved. He seemed quite "old school". And perhaps the fact that I was wearing a scarf on my head didn't help him relate to me very much????
Freakin' racist Cincinnati!


Beach Bum said...

I'm so sorry and have been in a similar situation. Had to call mom-in-law, a retired real estate agent who pushed open a few holes for my wife and me a while back, and she says to call HOME or home oprtunity made equal. And give them the scope of the brokers attitude. Wish I could do more. excuse the spelling, at work and on the go.

peppylady said...

So sorry to read about your situation.
Although I understand bigotry and I wish I could snap my finger and it would all go away.
We in Idaho faces bigotry.

Rockin' Hejabi said...

Thanks y'all! :)

Yes, my mom is referring me to a close friend of our family who is a mortgage broker, and apparenlty a really successfull one at that.

God-willing it will all work out. My hubby has a very good credit score. Apparently we just need an actual human being to look at our manually submitted application and things should work out. The first turn-down was just based on number crunching by a bot; computers cannot execute critical thinking and discernment!

Ravin said...

Is Ohio a common property state? I know in Arizona or Texas that because they are common property states, BOTH spouses' work histories and credit reports are taken into account for everything as a matter of course.

ThatDeborahGirl said...

You need to talk to Housing Opportunities Made Equal (HOME).

They exist to fight discrimination like this. Good luck.

Madcap said...

Yes, good luck. I'm sorry the path hasn't been entirely smooth.

Rockin' Hejabi said...

Thanks Ravin and Madcap!!!

Like momma always said..."if it's meant to be, then it'll happen".

I seriously think sometimes that we would consider returning to the Gulf (ie something insane like KSA)if we are unable to buy a house.

God-willing, good things will come ("inshallah kher" as we say in arabic).

Saiful said...

Assalamu Alaikum.

I'm not sure what CINCO is, but if credit cards are haram, then why wouldn't a conventional mortgage (I'm assuming CINCO isn't something like Guidance Financial, etc) also be haram?


Rockin' Hejabi said...

CINCO = a credit union in Cincinnati. It's like a bank, only better because it's not for profit; banks are for-profit entities and credit unions exist solely to serve their members, not to make money.

Read my answer under the Rant posting. According to Imam Feisal Abdul Rauf, a fixed-rate mortgage is the most prudent answer to how to buy a house in the modern age. It's possible to end up owing less than projected if you pay extra, and early, whereas it's impossible to pay less than the final amount agreed that you owe with a so-called "halal" mortgage.

Islamically the whole sin with ribaa is that it's taking money out of your pocket that could go towards putting food into your childrens' mouths. The real question here Islamically is what is the easiest, most minimally financially cumbersome way to buy a house?

Most of those mortgages are actually lease-to-own programs. In the end the buyer actually pays more for the house than he or she would have payed for it in a fixed-rate traditional western mortgage!

I encourage you to read Imam Feisal's book "Islam, a Sacred Law; What every muslim should know about Islam and Sharia". Iztehad, Iztehad, iztehad.

Saiful said...

Assalamu Alaikum.

I haven't heard of Imam Feisal, but I'm going to try looking up his fatwa on mortgages online. But I have seen fatwas that allow conventional mortgages before.

If I understood you right, you are saying that Islam forbids riba because it is a waste of money (in interest payments), that could be used for something better (like buying food). That may well be one of the reasons, but riba may well be haram for no other reason than to test us.

Imam Feisal seems to be saying that a fixed-rate mortgage is the only way to buy a house, therefore, he seems to be justifying interest based on a necessity. But it is not a necessity to own a house.

And just because something doesn't make financial sense, such as buying halal mortgages or halal meat, doesn't make it wrong. There is a cost premium associated with halal meat, because there is more work associated with making it halal. Same might apply to halal mortgages, but that doesn't make it "halal" in quotes.

I hope I am not offending you and I do respect your decision to follow the opinion of an Alim, but even if we think conventional mortgages are halal, we shouldn't disparage halal mortgages.