How many years would a local Ruidoso bank finance a land payment for? Also, how much downpayment is typical?

Connie
Connie
Home Buyer
Alto, NM

I'm talking about a lot priced between 40-60K.

Mon Jun 1 2009, 17:26 - Financing in Alto - 1 answer
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Pamela Cromwell
Pamela Cromwell
Agent
Ruidoso, NM
FIRST ANSWER

Connie, I just sold a lot in Ruidoso categorized as unimproved acreage for just under $50,000. Pioneer Bank financed my buyers with 25% down over a 10-year term. You should call around or ask your Realtor about which banks are currently providing loans on subdivision lots or unimproved acreage as not all lenders are offering these loans at this time.

Fri Jun 12 2009, 12:20
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