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Loan against Land

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Texas Girl Guest	Posted: Tue Aug 24, 2010 4:56 pm    Post subject: Loan against Land Like 0 Dislike 0 My Grandmother is going to title over 6 acres of developed land in East Texas (with a house on it) and I plan to get a loan with the land and home as collateral, give Grandma a good chunk of the loan money and use another good chunck of the money to pay off some debt and flip and rent the house. We just bought our first home and our credit is pretty much stretched due to that and our credit wasn't beautiful in the first place (600's). Will getting a loan against the land/house be difficult for us? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Aug 24, 2010 9:03 pm    Post subject: Like 0 Dislike 0 Hi Guest, You can qualify for a FHA loan with the type of credit score you have. However, apart from your credit scores, the lender will also check your financial situation and your debt to income ratio. If you satisfy the lender's requirement, you might be able to qualify for a loan. Thanks

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