How to Proceed with the Purchase of your New Home in Maharishi Vedic City
Congratulations on your interest in owning a home in Maharishi Vedic City! Here are nine steps to make this dream a reality:
1. Choose the housing type that best fits your needs, desires, and financial situation.
Explore the housing descriptions on this website to get a sense of sizes and costs of the different housing types that interest you. If you have any uncertainty about what you can afford to buy, it is very important that you contact a lending institution or mortgage specialist to get “pre-qualified” for a loan very early in this process. (See point 2 below.)
early in this process. (See point 2 below.) Once you have an idea of what you want and what you can afford, make an appointment to see the floor plans for the housing types that interest you. If you live in the Fairfield area or will be visiting Fairfield and Maharishi Vedic City soon, please contact Kathy Petersen (641-919-0161, firstname.lastname@example.org) for an appointment.
It is also possible to help you connect with a local Maharishi Vastu Director who can show you the designs
2. Get financing for your purchase, if needed.
We do not have formal arrangements with any financial institution. You can explore nationwide lenders on the Internet, and/or you can work with one of our local mortgage brokers or banks. They offer different programs in terms of down payments required, interest rates, closing costs, etc. You may also qualify for “first time homeowner” or other special government programs.
It is easy to speak with a mortgage broker or a loan officer at a bank or other lending institution to get “pre-qualified” for a mortgage. Based on your income and current level of debt, etc., you can find out in about fifteen minutes approximately how much you are eligible to borrow and what you can afford to buy. This is an important early step in the process of purchasing your own home or townhouse, as you will need to know this for making preliminary choices for your housing.
Here is a list of local mortgage brokers and banks:
First National Bank, Steve Beltramea, 641-472-4121
Iowa State Bank and Trust, 641-472-3161
Libertyville Savings Bank – 641-472-9839
MidWestOne Bank, 641-472-6511
After exploring your financing options and settling on what you want to buy, you need to decide on your lender and go through the formal mortgage application process.
3. Finalize the home or townhouse unit you wish to purchase, including color choices and any options you want to include.
Once you know exactly what you can afford to buy and have at least started the process of getting your loan, you can make the final selection for your house or townhouse, colors, and possible upgrade options (including garage space). Our Specifications and Options spreadsheet can help you prioritize your desires in the context of your total cost.
4. Fill out and sign your Purchase Agreement.
Print out the purchase agreement from this website, fill in the house or townhouse unit you wish to purchase, and fill in the price, based on the options you have selected. We will provide you with whatever specifications and documentation your lender requires. Your purchase agreement becomes final when you have your loan pre-approval from your financial institution and have made your down payment. The down payment will be held in an escrow account until your building is ordered and put into production. If you are purchasing a single-family house, it can go into production as soon as you have made your deposit and there is enough building in the area for it to be feasible to run utilities to the home site. If you are purchasing a townhouse unit, it will go into production as soon as we have enough buyers to complete a building.
5. Enjoy peace of mind while your building is being constructed.
Our modular company builds very accurately according to the Maharishi Vedic Architecture dimensions under climate-controlled conditions. There is excellent quality control and no danger of materials being damaged by the weather. Costs are also final, so you do not risk cost overruns the way you would with other approaches to building.
6. After your building has been set and finished, you have the opportunity to inspect it.
You will walk through the house or townhouse unit with a representative of the modular company and/or a representative of the Maharishi Vedic City Development Foundation and receive a full orientation on how everything works, the warranties for your appliances and for the building itself. If you find any cosmetic or other issues with the building, you will make a “punch list” and these items will be fixed at no expense to you. If you wish, you can also have the building inspected at your own expense by a professional building inspector.
7. Once the building is complete, there is a final closing, where you will complete the purchase.
The remaining funds are paid at this time.
8. You will perform the Inauguration of the New Home ceremony and move into your new home!
As you may know, Maharishi Vedic Architecture includes ceremonies that are performed at critical times in the building process. We will handle the Ground Breaking and Laying of the Foundation Stone ceremonies earlier in the process. These are traditionally performed by the owner. Although you are not the owner at those early stages, you may attend the ceremony if it is convenient. For the final ceremony, you will be the owner, and the auspicious date and time (“Muhurta”) for the Inauguration of the New Home ceremony will be based on your Maharishi Jyotish chart. You will need to make arrangements with the Maharishi Jyotish and Yagya office to get your Muhurta to move in.