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sheltona1 · Joined: 29 Jun 2009 Posts: 1 1.00 Dollars($)

I own a half acre of land(free and clear) and am wanting to put a home on it. I want to know if I can use the land as collateral and get a mortgage or loan of some kind to pay for it.

Also how is credit involved?

jameshogg · Posted: Mon Jun 29, 2009 10:54 pm Post subject:

Hi miadams,

You can use the land as a collateral to get a loan. Contact any of the lenders of your area and check out the rates and terms they are offering for a land loan. If you can afford to pay the rates, you should go for the loan. You can also speak to the lenders of this community and seek a no obligation free mortgage quote. This will let you know what type of rates you can expect to get.

As far as credit is concerned, you should have a credit score of around 700-720 to get a loan.

Thanks

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi sheltona,

Welcome to our forum.

Yes, you can apply for loan on your land as collateral. as James say you have credit score around 700 to 720. Maximum credit score will decrease your interest rate. so try to go keep maximum credit score (Do not apply for new credit card along loan approval period).

You can get loan by contacting your nearest lender & inquire about interest e rates & tax returns. Try to get lowest interest rate on your mortgage. You have to qualify for lenders minimum requirements for loan.

BEST OF LUCK.
(Hi James )

Thanks & Regards.

gunz.ijjistaff Very Happy

_____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

Collateral Mortgage is a kind of mortgage which secures a loan by way of a promissory note. you can use your land as a Collateral.

but sometime institutional lenders are not willing to take the risks involved in undeveloped land as collateral so they may charge higher interest rate.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Are you there Robert ?

Guest

i own half an acre of land and im trying to get a mortgage loan but my credit is around 500 is it possible to get a loan

adonis · Posted: Thu Aug 19, 2010 10:42 pm Post subject:

Welcome kris,

With a credit score of 500, you won't be able to get a loan. You need to improve your credit score first and then apply for a loan. Know some steps to improve your credit score from the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html

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