Sunday, March 15, 2015

Adoption loans

     A couple of weeks ago I did a post on the various adoption grants that are available, and promised a follow-up regarding loans. Here is that follow-up!

   Abba Fund: An interest free loan for Christian families
  • Usually around $6,000-$8,000 (but no more than 1/3 of the overall adoption cost)
  • Applications assessed on "Heart for adoption; spiritual wellness of family; educational and parenting value; financial stewardship."
  • Must submit copies of each of the following: spouse's driver's license, homestudy, tax return, paystubs for each spouse, credit report
  • Need 3 references: your pastor, an employer or co-worker, and a friend
American Healthcare Lending:
  • I couldn't find anything about their adoption loan program, other than the fact that they do have funds available for adoption at "affordable rates." 
 Lifesong: Interest free loans for Christian couples
  •  $5,000-$10,000
  • Asks about church attendance, activities, pastor contact information, beliefs about scripture, and personal testimony (which consists of 7 specific questions about your beliefs). 
  • Along with the application, must include copies of tax return and homestudy, and a letter from your pastor.
 LightStream (by SunTrust Bank):
  • Rates as low as 5.99%, terms from 24-84 months
    • BUT, rates are based on credit, and can be as high as 9.99%
  • Up to $100,000
  • Can be used to finance any part of the adoption process
America's Christian Credit Union:
  • 2 programs: a traditional loan program and an equity loan program (house or auto)
  • Up to $50,000 in traditional program
  • 8.4% interest (this is their "as low as" amount-- didn't give the upper end), up to 84 month term
National Adoption Foundation (partnered with Prosper)
  • up to $35,000
  • Need a credit score of at least 640
  • Rates: 6.73% to 35.36% (yikes!)
  • This is a peer-funded organization-- your loan request goes into a system, and investors commit funds to your account
Right now, this foundation is only working with international adoptions. BUT, the way things are worded indicates that this is variable from time to time, so I'm including it anyway. 
A Child Waits Foundation: 5% interest, 5-year loan
  • Up to $10,000, not to exceed 50% of total adoption costs.
  • Eligibility is based on financial need: "exhausted all other sources of funds and could not proceed with the adoption without our financial assistance" and "a last means of financing for families who have already exhausted all other possibilities"
    • They specifically mention trying to obtain funds from other loans, including home equity loans, before applying
  • Must be going through a licensed agency 
  • They ask for you to call before submitting an application to make sure that you meet the general criteria
  • LOTS of paperwork required-- rather than listing everything here, please click the link provided above

    I'm going to stop here, because at this point my search was starting to get into regional credit unions and banks. But, that does say something very important: Call every bank and credit union in your city! If adoption loans are a common thing for banks to have, that might be a good place to start so that you can actually have a face-to-face conversation with someone.

    Need a fundraising idea? How about a t-shirt fundraiser?


  1. I have fallen in love with your blog. As a fellow research geek I so appreciate what you are doing. Thank you. I posted your blog to all of our social networks (which we seldom, if ever, do) and added you to our Best of the Best Adoption Blogs.

  2. I forgot to add that I'm the Exec. Dir. at Creating a Family, the national adoption & infertility education and support organization.

  3. Oh Dawn, thank you so much! I feel very honored to be recognized by Creating a Family. Having someone in your position say that this is a helpful resource is amazing-- I'm glad that my love of research and writing can actually be put to good use to be of assistance to those who are going through the same journey that I am.

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