After doing a lot of research, visiting various places and making contacts with friends, we concluded that Thane was a good place for our new home, as it not only provides relief from the congestion of Mumbai, but it also offers residential properties which are both affordable and spacious.
Thane is aptly called the 'city of lakes' and with the well-planned cities infrastructure, there are many gardens and green spaces dotting the city. Over the years, Thane has developed from a small town to a well-built megapolis. Widened highways, well-maintained flyovers, and other infrastructural developments are making Thane, one reliable choice over others. City’s infrastructure is something that makes a deal. And in the case of Thane, it proves a good deal for a lifetime.
So after deciding that Thane would be a decent place for our dream home, our next step was searching for the right property developer. So after searching on the internet and going through different residential projects, we came across Puranik Developers. The developers had completed about 35 projects and are known for their high standards, excellent quality of construction, timely possession and affordable pricing. Their projects were very unique and they were not only surrounded by luxury but also natural beauty. So we researched some of their projects and found our interest in Puranik City Reserva. Situated at Ghodbunder Road, Thane West, Puranik City Reserva is surrounded with greenery and unheard features like unshared walls and front garden and many premium amenities for family members. Whether it’s a Barbeque corner for a special meal together or a jogging track to burn calories after a heavy intake. Whether it’s an Amphitheatre for entertainment or the elderly nook for contentment. Whether it’s a multi-purpose lawn or the bamboo court. It has everything necessary for everyone's comfort. So, satisfied with all their offers we selected on Puranik Developers.
It was still a long way before we could call it our home. The biggest hurdle that was standing in front of us was the financial aspect of buying the home, to be precise - the down payment. Even with our savings totalled as one was sufficient for the down payment, we were still in a stage of consideration of us to let go of such a huge amount at once. We had already decided on our new home and to let it go because of money, was the last thing that we would think of.
We both decided to go forward with the plan of buying this property whatever it takes. So after a few more days of hardcore thinking and research, we finally came across a financial aid that was helping the first time buyers to buy their dream home. The Home Down Payment Assistance Program was the best product we could have ever found. It helped us to save up to half of our down payment and made our dream of owning a house reality.
While trying to find the answer, I came across various expressions that defined it in a different way.
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All the efforts were put together in order to provide an experience of being at a location with flawless connectivity to rest of the city and other suburban areas.The prime location of this project is what makes it special.
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Before assuming a mortgage is unaffordable, potential homebuyers need to educate themselves and find what can they qualify for, and then make the decision if a home is affordable or not.It is important to understand that apart from conventional, or traditional mortgage there are other options available like non-conventional loans.WHAT DOES IT MEAN?A non-conventional loan offers more relaxed qualification requirements and encourages homeownership.These loans are backed by different departments of the U.S. government, so in the case that the borrower defaults on his loan the government protects the lender.Be it first-time homebuyers, low-income earners, or people who have serviced the U.S. government in the past can now get a mortgage through non-conventional loans because of its relaxed eligibility criteria.TYPES OF THESE LOANSThe FHA loans, VA loans, and USDA loans are the 3 most common types of non-conventional loans.FHA loans — are insured by the Federal Housing Administration in the U.S. With a minimum credit score requirement of 500 and a down payment of 10%, and a minimum credit score of 580 for a down payment of only 3.5% one can qualify for an FHA loan.But in most cases, the borrower has to pay mortgage insurance throughout the life of the loan.VA Loans — are backed by the Veterans Affairs department of the U.S. government.They are available only to service members, veterans, or spouses of a military service member or veteran.There is no specified credit score or downpayment requirements with VA loans.
Neither do they require the borrower to pay mortgage insurance premiums.But, if the appraised value of the home exceeds its market value then a down payment needs to be made.
Which will be equal to the difference between the two.The borrower is also required to pay a funding fee with VA loans.USDA Loans — are backed by the U.S. Department of Agriculture.
They are made to encourage homeownership for individuals living in rural areas.To qualify for this loan, the property must be in a town with less than 20000 people.There are no credit score or minimum down payment requirements, but the income of the borrower must be less than 115% of the median county income it wants to qualify for a USDA loan.A mortgage insurance premiums too will have to be paid throughout the life of the loan.Conventional loans are backed by private lenders and not by the U.S. government.Hence borrowers pay private mortgage insurance on them.
Conventional loans have two types of loans: conforming loans and non-conforming loans.The conforming loans are under the limit set by the Federal Housing Finance Agency, and meet the necessary criteria to be purchased by Fannie Mae and Freddie Mac.Non-conforming loans do not meet these criteria and exceed the FHFA limit.Credit score requirement — For a conventional loan, the credit score must be at least 620.
Whereas with non-conventional loans a lower requirement of 500 for FHA loans and no credit score requirements for the other types.Down payment — Borrowers can choose to put a down payment of only 3% with conventional loans.But because it is less than 20%, they need to pay private mortgage insurance.
