Home Buying in Arroyo Hondo>Question Details

Katherine, Home Buyer in New Mexico

what questions should i ask when buying land for a small farm?

Asked by Katherine, New Mexico Thu Oct 23, 2008

i am looking in the arroyo hondo area of new mexico. it will be a small permaculture based operation, mostly to support my family and maybe occasionally take things to the local farm market.

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Ask about the well and septic system, how new, how deep and if any inspections have been done. Check on any encroachments on the property by utility companies. Check out http://www.usda.gov about assistance the government might be offering in the form of incentive loans for rural areas. Always check with a local lender to see if they have experience with your type of situation. If you are a first time home buyer or if you have not lived in a home you owned for more than 3 years, you may qualify for a New Mexico Finance Authority (MFA) First time home buyers grant of 3% of the purchase price to use towards your down payment.
Web Reference: http://www.nmmfa.org/
0 votes Thank Flag Link Fri Oct 24, 2008
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