Posted on: 17th Feb, 2010 03:25 pm
My wife and I own 32 acres of land free and clear and want to use it as collateral for a loan to start a small farm. We want to borrow $25000.00 and the property appraised at $64000.00. Her credit is poor and mine is non existant. we have a monthly income of 1399.00 and own the trailer that were in. Can someone give us any advice?
Hi Rattler_Rick,
With a bad or non-existent credit, it would be impossible for you to get a loan. Due to the real estate crisis, the lenders have stopped giving loans to people with bad credit. You and your wife will have to improve your credit score first and then look out for loans. You may check out the given page to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
With a bad or non-existent credit, it would be impossible for you to get a loan. Due to the real estate crisis, the lenders have stopped giving loans to people with bad credit. You and your wife will have to improve your credit score first and then look out for loans. You may check out the given page to know some steps to improve your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html