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July 18, 2008
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Home Loan Assistance
for Observant Singles & Families

Click here for a check-list for the Home Loan Program.

BACKGROUND

Congregation Beth Israel of Malden has embarked on an ambitious program to attract young singles and families back to this historically Jewish neighborhood. The synagogue has created a special fund to make loans available to assist in the purchase of residential property in the community. Terms of the loans may vary, but nonetheless will be extremely favorable to the borrower.

KEY INFORMATION

Loan recipients are expected to participate as much as possible in weekday and Shabbat services and synagogue activities. The purpose of this program is to rebuild the neighborhood’s Jewish community, and that will require everyone’s active involvement. The synagogue reserves the right to evaluate the terms of each loan on an annual basis.

SAMPLE LOAN

A potential buyer seeking to purchase a house for $325,000, for example, wants to make a down-payment of 10 percent—or $32,500—and then take out a mortgage for the remaining $292,500. The synagogue will lend the buyer the $32,500 for the down-payment under the following terms:

a. No loan re-payments are made for the first year after the purchase of the home.
b. During the second year after purchase, one percent interest on the amount of the loan—$325 in this case—is paid to the synagogue in a lump sum, monthly or quarterly installments.

c. During the second year after purchase, two percent interest on the amount of the loan—$650 in this case—is paid to the synagogue in a lump sum, monthly or quarterly installments.

d. During the fourth through seventh years after purchase, three percent interest on the amount of the loan—$975 in this case—is paid to the synagogue in a lump sum, monthly or quarterly installments.

e. Seven years after purchase of the house, the amount of equity built up should be enough to allow the loan recipient to refinance the mortgage if necessary, to repay the balance of the synagogue’s loan.

f. One-year extensions on this final loan repayment may be granted at the synagogue’s discretion.

CONTRACT TERMINATION

If the house is sold before the loan is paid back in its entirety, the balance of the loan must then be paid in full with the sale of the property. Exceptions and extensions can be made at the synagogue’s discretion—especially if the loan recipient purchases another home in Malden. The synagogue should be consulted to assist in finding a suitable buyer for the property to be vacated.

This is the opportunity of a lifetime to become a homeowner, build equity and plan for the future. To download an application, click here.


Applications can be mailed to:

Congregation Beth Israel
ATTN: Home Loan Program

10 Dexter Street

Malden, MA 02148