Need a Personal Loan using my land as collateral

im trying to get a loan on my house which is paid 4 but my credit score is only 580. i will use my deed as collateral. i need work done on my property desperately

what is the best way to gt a loan on land deed eith bad credit

Hi shelia,

With a credit score of 580, it will be difficult for you to qualify or a mortgage. You should have a credit score of at least 620 in order to qualify for a FHA mortgage. If you want to get a conventional mortgage, you should have a score of 720.

Thanks

Hi I'm looking to re open my grandfather restaurant but need 20,000 to do do I have 25,000 in equity in my home is there anyway to get a loan? My credit is 685

I own 30 acres of Land. l live on the Property in a single wide mobile home. The Land is Free & Clear, but I owe about 15 thousand on the mobile home. Can I get a Morgage Loan & use my land for collateral. Would like to pay mobile home off & do some improvements as well. How much can I qualify for & get a low interest rate. My credit score is not perfect. Is this possible.
Thanks for your time, God Bless.

Hi cindymonroe,

You can use your land as a collateral and get a mortgage on it. You need to contact the local land lenders and apply for the loan. But if you don't have a good credit score, then it will be difficult for you to qualify for any kind of loan. You will have to improve your score and then look out for a loan.

Thanks

I have a half acre land and need a loan so I can do consolidate my bills

Hi shirley!

Welcome to the forums!

You can apply for land loans with the local lenders. If you meet the required criteria of the lender, you will be able to get the loan.

Feel free to ask if you've further queries.

Sussane