Need a Personal Loan using my land as collateral

with rates as low as they are, it makes more sense to me to see you take a traditional first mortgage (fha if your scores are not so hot) and you'll have a lower rate than that 6.29%. you can include some, if not all, of your closing costs in the new loan; or again choose a slightly higher rate that will pay the costs. nevertheless, i would have to imagine you can truly do better than 6.29%. doing it for the $44K only doesn't make a ton of sense to me. if you can pay the credit card debt without going back out and running that balance up again (be disciplined!), then adding that in isn't a big issue.

I currently own a piece of land near Houston Texas, about 20mins from Houston, about 18 acres, worth around 1 million dollars, land is paid off. It is currently up for sale, 3330 County Road 48, Rosharon Texas 77583. I would like to use the land as collateral for a 100,000 dollar loan. If there are any lender out there who is interested in my situation, please email me at "anguyenlien@yahoo.com"

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Hi alex,

Getting a loan using a piece of land as collateral is a bit difficult in this market. Most lenders would offer the loan if there is a home on the land which could be used as collateral for the loan. Getting a home loan is easier, provided you qualify for it. But getting a land loan is not easy in this economic situation. However, you can contact you local lenders and see if any of them is interested in offering you the loan.

The tax value on my property is $78,000, I am trying to fix repairs on my home. Need loan of $10,000

To Celinda,

You can use the home as collateral to qualify for a loan to do the repairs. But if you are trying to get a loan using only the land as collateral, you will find it difficult qualify for the loan. However, since the amount of the loan you are looking for is $10k, you can contact a local lender and look for a personal loan. What is your credit score?

I am now between jobs and my credit is not good, but I own a home and property, can I get a secured or personal loan aginst them. Together they valve quite a bit. I need to borroow 70,000. Please inform me if there is some one that can help.

Hi Holly,

With a bad credit, it will be difficult for you to qualify for a conventional loan. However, you may qualify for a personal property loan. You need to contact the local lenders offering personal loans and check out if they can help you in getting a loan. However, such loans are available at a higher interest rates.

Thanks

Holly, the combination of poor credit and no job is pretty much a guarantee that no lenders will look favorably on your loan request. Finding work, obviously, is a priority; then you can work on your credit issues and be hopeful that it doesn't take too long to turn that around.

ive put almost 30.000 in my home

hi virgil,

you should contact the local lenders and apply for a construction loan which will help you in finishing off your home. later on, you'll have to refinance the construction loan into a normal conventional loan.

thanks

We had a total loss house Fire Christmas Day 2010, insurance paid off land and we used our overage and contents check to build new home. We are 90% complete with the new home. We have poor credit and have been assured along the way that we could get construction loan, with no problem regardless of credit score. Now that we need the loan to finish we can not get the loan to finish it. We have put $120,000 into our 2400 sq ft brick home, heated and cooled 3000 sq ft under roof. It will easily appraise for $200,000 but we can't get any bank to help us and we did not know we could not use the unfinished home as collateral. We can get a loan on the property but it is only worth $12,000 and the loan would only be around $6,500 which would help but due to low credit score I can't even get that amount. We only need $9,000 to move in and then about that much to pay off credit cards, so we can began to improve the low credit score. I know there has to be some way for us to get a small loan in order to move into our home, and make it a livable structure so that we can get some type of mortgage or home improvement loan on it.

Rene, it looks like the only way to refinance is with the FHA 203(K) program, but even FHA looks for a decent credit score. You say your credit is "poor." Everyone's definitions are different, though we typically know what we're talking about when we describe our own credit.

It's worth a shot, though...find a lender locally who can work with you, hopefully. Also, you can check out the HUD website (it is a dot gov site) to find a lender who is doing 203(K) loans in your vicinity.

I own 1.67 ac land in wake county , NC , and I need borrow money using my land as collateral as my credit is bad , I file for bankrupcy almost 3 years ago , Please advise .

I own 23 ac of land in California. Im looking for a personal loan. Its vacant land. Appraised at 1.2 mill. I need 75k for a business investment. Any ideas.

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