South Fork Financing
Our properties may be purchased with cash (home equity loans), third party financing or seller financing. As in most cases, our preference is to receive cash offers, however we would like to give you options when making a purchase. Here is some information to help make your decision:
Cash and Home Equity Loans
Cash is the least complicated means of making a real estate purchase. While our land is not very expensive, many people do not have $20,000 stuffed under the mattress. In addition, cash purchases do allow you to use leverage on your investment. This is why our recommendation would be to obtain a Home Equity Loan or Equity Line of Credit. Your interest rate will probably be lower than any other loan and the interest is tax deductible. You may contact your mortgage company or almost any other lending institution regarding a Home Equity Loan.
Third Party Financing
Obtaining financing through a bank or mortgage company is the traditional method of buying real estate. Their terms will vary, so we recommend consulting a few different firms before making a selection. Here are a few of the local lending institutions:
- Alamosa State Bank: (719) 589-2564
- Community Bank of the Rockies: (719) 873-5562
- Rio Grande Savings & Loan: (719) 852-5933
- San Luis Valley Federal Bank: (719) 852-5991
Seller Financing
With all of the Colorado land for sale, one characteristic that can differentiate one parcel from the next is whether the seller is willing to offer financing. Although it is not our practice to finance land, we would like to accommodate a buyer’s needs. When cash and third party financing are not an option, you should consider seller financing. Here are our terms:
- Down Payment: 30%
- Interest Rate: 7.5%
- Amortization: 10 Years
- No PrePayment Penalty
For example, if you were to purchase a $20,000 lot using seller financing, your purchase would look like this:
- Purchase Price: $20,000
- Down Payment: 6,000
- First Mortgage: 14,000
- Monthly Paymen: 166