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arlene457 · Joined: 23 Apr 2009 Posts: 1 1.58 Dollars($)

My brother and I own a residential lot in Alabama. We need to take out a loan against it. It has a older mobile home on it that is too old to get financing on. The land is worth much more than the mobile home anyway. My credit hovers around 600 and my brothers is around 640. Any suggestions for lenders?

Posted: Fri Apr 24, 2009 5:22 am Post subject:

arlene457
thanks for the detailed information and welcome to the forum.

One proposition could be just collect some of the guys who want to have residential/commercial property. Offer them some of the equity in the home and thus you will be worry free about the financing of the structural cost required for the building.

So many guys do go for this type of offer as one won't get burdened deeply under the debt and thus surely preserve the credit .

Niicss · Posted: Mon Apr 27, 2009 2:42 am Post subject:

Hi arlene,

If you are looking for a land loan, you can contact the local lenders and check out the rates and terms for getting a land loan. You can also speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you in knowing the rates and terms that you will receive when you apply for a loan.

As far as the mobile home is concerned, you should note that mobile homes build prior to 1976 do not qualify for mortgage. But these homes can qualify for personal property loans. To get personal property loans for mobile homes, you can contact retailers who sell mobile homes.

Thanks.

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I need to take out a loan on a residential lot in Alabama.