What is Aspen Springs?
The Aspen Springs Subdivision is a large development a few miles west of Pagosa Springs on both the north and south sides of State Highway 160 West. Aspen Springs consists of thousands of lots originally platted in the 1960s and is divided into six units, Aspen Springs l-Vl.
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Before You Build
Before building in Aspen Springs, an Archuleta County Building Permit is required. By law, wastewater may not be disposed of by digging a hole or draining it into the land. Therefore, holding tanks must be utilized if staying in a camper or trailer. If planning to build a home or cabin on your land, it is recommended that you obtain a current survey to be certain the boundaries of your land are well-marked.
Aspen Springs Roads
A large road network exists within much of the area, having been upgraded when owners in the area voted to form the Aspen Springs Metropolitan District. The maintenance of the roads in the District is handled by their own road department, including winter snow plowing.
About Aspen Springs
Aspen Springs has no protective covenants or restrictions. Therefore, there
is an abundance of different living situations and lifestyles dispersed throughout Aspen Springs. Living arrangements range from homes with mountain views to property with people living off the grid.
Getting A Loan
Conventional bank loans are the most desirable option for financing homes in Aspen Springs. You will need a down payment of 10-20 percent unless you qualify for a VA or FHA loan. These loans have stricter requirements with regards to condition, heat source, etc. on the home. Contact a local lender for more information.
Some sellers are willing to carry the financing and typically they expect the buyer to have a minimum of 25-50 percent cash for a down payment. You should be sure to hire a Colorado attorney to check all the financing documents to be sure everything complies with all applicable Federal and State statutes and be certain you obtain a good policy of title insurance.
Lenders typically look for at least one-third down payment, decent credit scores, and adequate income to handle the payments. They will likely charge a higher interest rate than home mortgage rates with terms that will generally be only 3-5 years. Also, the Lender may require the Borrower to provide and pay for a new survey, an appraisal, and other closing costs that make the effective cost of a small land loan quite high. If you have other collateral such as a home with large equity, banks may offer other loan arrangements that are more flexible and less expensive.