RIO COMMUNITIES — A few more people might be moving into Rio Communities after Pecos Homes bought 14 lots near the golf course, and are ready to build.
Garth Tallman, president of Pecos Homes, said when he started the company five years ago, his idea was to design and build homes in New Mexico for those with moderate to low incomes. His vision, he says, is that school teachers and school employees will take advantage of the deals he’s offering.
Tallman is working with the USDA Rural Development, which could help potential home buyers qualify for its loan program.
“The terms of the loan is there is no down payment and a 3 percent interest rate,” Tallman said. “The home-buyers program is specifically for low to moderate income people. To qualify, they have to demonstrate they’ve been turned down from a bank.”
Tallman said the purpose of the program is to be less stringent, and the USDA will work with people to increase their credit score.
“The objective is to enable people in small towns to be homeowners,” Tallman said. “Our special program is for school teachers and employees, in addition to trying to get them a USDA loan.”
If a school employee does buy one of these homes, they would qualify for an upgraded kitchen, to include brand new appliances, such as a side-by-side refrigerator, stove and dishwasher.
“We’re also offering an upgrade in the master bathroom, an extra large walk in shower, floor to ceiling tile, and we’ll put in the wiring for a security system,” Tallman said.
“When I started this company, my goal was to build quality homes in small towns,” he said. “We’re going to build quality homes, with double pane windows, upgraded faucets — little things like that, which a lot of builders go cheap on those things.”
The lots are off Nancy Lopez and Arnold Palmer in Rio Communities, four of which are on the golf course. The 10 lots that are near the golf course are more than 8,000 square feet, enough for a large yard, Tallman said. The smallest of the homes to be built on these lots will be 1,032 square foot, which will be two bedroom, two bath, two car garage and front-yard landscaping for $129,950.
The larger homes, which Tallman said wouldn’t qualify for the USDA loan program, will be 2,052 square feet, four bed and three bath going for $229,000.
“We do have bigger homes that will be available at 2,400 square foot, but those wouldn’t qualify for USDA loan program either,” said Tallman, who explained the loan program’s limit is $201,000.
Tallman said he is looking for other properties in Rio Communities to develop, but is focusing on this one first.
“My view is that if (the local government) can accomplish what they have in mind, Rio Communities can be a really pleasant place to live,” Tallman said. “They have a lot going for them — the awesome views, the river and their sunsets. It’s amazing.”
For information about the new development, call 505-832-7206, or email New Mexico Rural Development Co., (Pecos Homes’ parent company) at firstname.lastname@example.org.