The Oxford Adoption
Foundation works with many families; therefore, our loan funding is
limited to $5,000 per adopted child. The loan is not funded until
after the adoption has been finalized. The family must be working with
an adoption agency that will provide the Oxford Adoption Foundation with
proof of the finalized adoption before the loan is funded.
To begin the
application process, the following items must be submitted to the Oxford
Adoption Foundation for review by the Board of Directors:
simple credit report will be obtained for each applicant.
After review of all
application materials by the Board of Directors, if the loan is granted,
a Promissory Note will be sent to the applicants for signature.
The Promissory Note needs to be notarized before being returned to the
foundation. The payments for the loan will be set up on an
automatic payment program which will begin on the first day of the first
month after the loan is funded. For example, if the adoption is
finalized on October 7th and the loan is funded on October 8th, the
automatic payments will begin on November 1st. The paperwork to
set up the auto payments from the applicants’ checking or savings
account to the checking account for the Oxford Adoption Foundation will
be included with the Promissory Note.
Once the adoption is
finalized, the adoption agency they are working with will need to
contact the Oxford Adoption Foundation by phone, fax or e-mail and let
us know that the adoption is finalized. As long as the paperwork,
including the Promissory Note and the form to set up the auto payments,
has been received by the Oxford Adoption Foundation, the loan can be
funded immediately. The applicants will need to let Oxford
Adoption Foundation know who they would like the check for the loan
payable to. Oxford Adoption Foundation can write the check
directly to the applicants or to their adoption agency.
Following is the
interest rate the Oxford Adoption Foundation charges for a low interest
loan funded through the foundation:
0% interest rate for
the first three years
3% interest rate for
the second three years
Total nine year loan
which is prepayable at any time
The loan payments are
figured over the life of the loan. For example, a $5,000 loan will
have a $49.79 per month payment over the nine year period.
Since the Oxford
Adoption Foundation does not fund the loan until after the adoption is
finalized, a letter confirming the loan can be furnished directly to the adoption agency at
the request of the applicants.
The Oxford Adoption
Foundation would like to receive pictures and updates on the adopted
children at least once a year. The foundation will only use photos
of the children on their website with the permission of the adoptive
families. No names of the children will be included.
If you have any
questions regarding the above, please feel free to contact us.
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