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Can I use land as collateral for a loan?

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G. Thomas Guest	Posted: Sat Oct 23, 2010 8:11 pm    Post subject: Land Like 0 Dislike 0 I have 3 acres in Virginia asseted at $49,500, the deed is free and clear of any liens. The property has been approved by the county for a three bedroom house. I want to use the property to get a loan. In the state of Virginia will this be possible?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Oct 26, 2010 2:34 am    Post subject: Like 0 Dislike 0 As the property is free and clear, you'll be able to get a mortgage on it. However, you should have a good credit score and income in order to get a mortgage. You should have a credit score of 700-720 to get a loan. Also, you should be able to show 2 years of employment history in order to get a mortgage. _________________ Good is the Enemy of Great.
Fred Wood Guest	Posted: Tue Nov 23, 2010 8:17 pm    Post subject: Loan on land in Texas Like 0 Dislike 0 I have 46 acres just outside of Dallas. I owe just over $12000 on the land and it is worth at or around $700,000. I am only looking to borrow $250,000. Is it possible and whom do I turn to? [Email address deleted as per forum rules. Thanks.]
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Nov 24, 2010 1:34 am    Post subject: Like 0 Dislike 0 Hi Fred, As you have lots of equity in the property, you will be able to get a mortgage on that land provided you meet all the required criteria of the lender. You should contact the local lenders and apply for a loan. Thanks
merle Guest	Posted: Wed Aug 10, 2011 9:14 pm    Post subject: mortgage bank & hard money loan Like 0 Dislike 0 what is the difference between a mortgage bank & regular bank? Also, what is hard money loan & who handles them?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Aug 11, 2011 8:17 pm    Post subject: Like 0 Dislike 0 Hi merle! Welcome to forums! A mortgage bank may offer you only a mortgage loan but regular banks will not only give you a mortgage loan but will offer other services as well. Hard money loans are asset based mortgage financing wherein the interest rates are quite higher than the normal loans. Hard money loans are made by private investors mostly in their local areas. Feel free to ask if you've further queries. Sussane
dalkeith devaux Guest	Posted: Sun Jan 29, 2012 3:40 pm    Post subject: own deed to land in st. lucia (no taxes)need loan in nyc. Like 0 Dislike 0 Hi/I live in new york city/I own land in St. Lucia with a deed and want to know if I can get a loan in new york city using me carribbean land as collatoral/Mr. Dalkeith Devaux
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Jan 30, 2012 2:05 am    Post subject: Like 0 Dislike 0 Hi dalkeith, If you have a property in US, then you can use it as a collateral and get a mortgage here. I don't think lenders here will be ready to offer you a mortgage on a property which is located in the Caribbean. _________________ Procrastination is the enemy of your financial success
benito linares Guest	Posted: Thu Feb 02, 2012 8:27 am    Post subject: looking for a collatoral Like 0 Dislike 0 Need a collatoral loan on land can i get a phone number to an institution who does this.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Fri Feb 03, 2012 12:26 am    Post subject: Like 0 Dislike 0 Welcome benito linares, You should contact the local land loan lenders and apply for a loan. As far as I know, all the major financial institutions will provide you with land loans. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you can get a loan. _________________ Procrastination is the enemy of your financial success
raosagie13 Guest	Posted: Sun Mar 18, 2012 11:01 pm    Post subject: Need a new home fast Like 0 Dislike 0 Hi I am in desperate need for a house for my family and I have 2 ac. in texas that I can use as collateral but I need to know if it is possible with poor credit and not a long job reference. Would it even be possible to purchase a mobile home? Or would I need to get my credit fixed first??
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Mar 20, 2012 1:32 am    Post subject: Like 0 Dislike 0 Hi raosagie! Welcome to forums! You won't be able to qualify for any kind of loan if you don't have a good income and an employment history of 2 years. Also, you will have to take steps to improve your credit score. You can check out the given page for the same: http://www.mortgagefit.com/credit-rating/credit-repair.html . Feel free to ask if you've further queries. Sussane

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