2008 Land Financing Climate

Posted by Jim Kimmons, Broker/Owner • January 17, 2008 • Printer-friendly

We're at the beginning of 2008, and I'm finding the first issues for Taos mortgage borrowers due to the mortgage problems nationally. It is nearly impossible to get land loans out 10 years like you could a year ago. The local lenders are doing balloons at one or two years, or requiring construction on a home to start in a short period of time.

If you're in the market for land in the Taos real estate market, start your mortgage process early by investigating the local banks, but also check out national lenders, or lenders related to your investments. One recent land purchaser found some positive news with Janus, using their farm and ranch division. You just need to get more creative until all these mortgage fears work their way through the system.