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md10 · Joined: 25 Aug 2011 Posts: 2 1.00 Dollars($)

The land is my mothers so she would have to be on the loan as well, however the income would be mine because she is unemployed. It is 10 acres in Texas. Neither one of us has great credit. What are our chances of getting it and where is the best place to apply (i.e. bank, credit union, etc)?

smithsussane · Posted: Thu Aug 25, 2011 8:41 pm Post subject:

Hi md!

Welcome to forums!

It is possible to use a vacant land as a collateral in order to get a mortgage. However, with a bad credit, it will be difficult for both of you to qualify for a loan. If you want to get a FHA loan, then you or your mother should have a credit score of 600-620 whereas to qualify for a conventional loan, you should have a credit score of 700-720.

Feel free to ask if you've further queries.

Sussane

md10 · Joined: 25 Aug 2011 Posts: 2 1.00 Dollars($)

Thank you for your answer. However I'm not looking to get a mortgage loan, just a personal loan to pay off debt.

jameshogg · Posted: Fri Aug 26, 2011 9:18 pm Post subject:

Hi md,

Even in case of a personal loan, you should have a decent credit score in order to qualify for one. You should contact the lenders offering personal loans in order to get the loan.

Thanks

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Is it possible to get a loan using vacant land as collateral?

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