Adoption Loans-question

Have you thought about foster/adpot? Thats how we got our kids (we adopted 4 including a 2 day old baby boy) If you foster/adopt its a free program.

that is not an option where we live. They only do foster/adoptions in the same county and we live in a county that doesn't usually even have a need for foster parents let alone adoption thru fostering...

This was my concern too. Yes there are adoption loans that are either interest free or low interest rate. Many require an approved home study prior to applying. There are also many places that offer grants. you can apply for those as well and if you get awarded any apply that to your loan. Try these: [url=http://www.giftofadoption.org/apply/howToApply.html]Gift of Adoption Fund[/url] [url=http://www.hopecottage.org/costs_and_funding]Hope Cottage :: Costs & funding[/url] Then just google adoption loans and you will be surprised what you find!!! Best of luck!

We are just starting the adoption journey and I have a few bits of advice if you don't mind. 1) If you can possibly help it, don't go into debt for adoption. You may want to adopt, but if you're not in a place financially to pay for it...maybe you want to put it off for a few years. 2) We looked into adoption loans several months ago just to see what we could find, and most adoption loans have insane (11 to 19%) interest rates and you have to have near-perfect credit to get them. The banks also required co-signers...even though we have great credit and some assets. We decided that if we couldn't find the money to adopt on our own, we'd just wait. So, we found the money and haven't looked back. 3) Depending on what kind of adoption you decide on, it's very unlikely that you will stay within 20K. 4) If you're sure you want to take out a loan, go to the bank that you have a relationship with. Talk with them about what's available. You're more likely to get good terms if you have a relationship with the bank.

I'm sorry but I have to respectfully disagree with your post on not adopting if you don't have the money. I am not sure many people have 30K lying around. I sure don't. However, nothing will stop or keep me from adopting. If you can afford a loan then by all means take one out. It's no different than getting a loan for a car. A price can not be placed on a child. For those who dream of becoming parents we must tackle the hurdles in our way and for many this is the money issue. There is a saying that goes "If you wait til you can afford a child, then you will never have one"........

While you can never put a price on a child, you can't imagine how expensive they are! :o Had I gone into debt prior to J coming to us, i would have never gotten out.

This is my major concern at this time. I have a mortgage, student loans, a credit card (that I used for my infertility treatments and donor sperm) and my regular household expenses. I make it monthly, but barely.But I'm going to be 39 in a few weeks...my artificial insemination's didn't work...and I want a child. If that means I have to "TRY" and take out a home equity loan/line of credit or borrow from family and friends I'm going to do it. I'm in debt for the rest of my life. As someone just mentioned...and I keep reading it in my adoption and infertility books for the past 6 years: "If you wait til you can afford a child, then you will never have one."I AGREE. Plus, if you take out a loan, you will receive it back as long as you adopt before the end of 2011 with the Tax Credit. So that is the one thing I'm excited about. What I take out in equity I can put back on my mortgage when I file my taxes next winter.

There's a difference between not having 30K lying around and needing to go into debt for the majority of adoption costs. While we don't have 30K just chilling in our bank account, we are selling stock and some other assets in order to afford adoption. I agree a price cannot be placed on a child, but children are expensive. And if you have to go into debt to get one...how in the world are you going to pay that off and give them a good quality of life? By all means, tackle the hurdles, but do so in a fiscally responsible way so you don't dig yourself a hole you can't get out of.

Adoption Network Law Center offers financing programs to help Adoptive Parents manage adoption-related expenses. Our The selection of financial services provided by Adoption Network Law Center offers highly competitive loan programs designed to provide peace of mind. Adoptive Parents may find a loan necessary to cover the larger, more immediate expenses. In some cases, you may be able to repay the loan quickly once you receive a tax credit or are reimbursed by your employer or the military. :cowboy: