Can I get a collateral loan against my vacant lot?

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Icon Mini Profile emailbox





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Post Posted: Sat Apr 26, 2008 2:26 pm    Post subject: Can I get a collateral loan against my vacant lot?
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I have a 590 FICO. The lot is 1.78 acres in Harris County, Texas. I have a recent appraisal for $124,000, and only owe $28,500 against it.
Icon Mini Profile jameshogg
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Post Posted: Sun Apr 27, 2008 9:11 pm    Post subject: RE:
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Hi Emailbox,

You mean it's a second mortgage that you are interested in? Or is it a refinance loan?
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Post Posted: Mon Apr 28, 2008 12:18 am    Post subject:
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Hi Emailbox,

Welcome to the forum.

I think as you have good amount of equity you can think about cash out refinance. I will help you to get extra cash from your home equity. Only check out whether you can get it with lower interest rate.

Feel free to ask if you have any further questions.

Best of luck,
Larry
Scott Dayton

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Post Posted: Wed Dec 10, 2008 1:19 pm    Post subject: loan secured by vacant land
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I own the lot next to my home in West Cave Estates. The lot is worth at least $50K and has been paid in full. I would like to borrow 15 to 20K against the land... who would I approach for that type of loan
Icon Mini Profile smithsussane
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Post Posted: Wed Dec 10, 2008 9:29 pm    Post subject:
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Hi Scott Dayton!

Welcome to forums!

You want to take a land loan and for that you need to contact the lenders in your area offering land loans. I don't think you will face much problem in getting a land loan. But there are chances, that the lenders may charge high rates of interest. Well, I shall suggest that you have a talk with the lenders of this community and seek a no-obligation free loan consultation with the lenders here. I hope they'll be able to help you out.

Feel free to ask if you have further queries.

Sussane
Monica Reuter

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Post Posted: Wed Aug 19, 2009 7:50 am    Post subject: Own a lot in Laredo, TX
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Hello
I own a lot that is valued around 23K. I wish to borrow against it. It is free and clear. Just want some information.
Icon Mini Profile gmakerley
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Post Posted: Wed Aug 19, 2009 12:05 pm    Post subject:
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monica, borrowing against vacant land is extremely difficult to do. lenders are not typically enthused about land as collateral. that's not to say you cannot, but i'd opine that your rate will not be especially favorable.
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richard paul

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Post Posted: Sun Mar 07, 2010 8:08 am    Post subject:
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Hello
I own a lot with a house that is valued around 375000K. I wish to borrow against it. It is free and clear.
Icon Mini Profile jenkin7
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Post Posted: Mon Mar 08, 2010 2:58 am    Post subject:
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Hi Richard,

Since the lot is not vacant and there's a home on it, you can get a loan using it as collateral. You can contact lenders and see if they are willing to offer you a loan. Since the home has a free and clear title, you can also get a home equity loan using the equity in your property. However, you need to have good income and credit in order to qualify for a loan.
jay jay

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Post Posted: Tue Aug 24, 2010 6:39 pm    Post subject: Land
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I own 13 acres which was appraised at 10,000.00 a acre 5 years ago. Total value of 130,000 dollars. Now would be somewhere in the neighborhood of 150,000 now. Im wanting to purchase more land,about 70 acres more which is going for 230,000 at this moment. how hard would it be to use my property i own now as collateral to purchase the land mentioned, or whats do you suggest me to do or how to acquire this land?
Icon Mini Profile Niicss
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Post Posted: Wed Aug 25, 2010 2:58 am    Post subject:
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You can always use the land that you own as a collateral in order to get money to buy new land. If you meet the required criteria of the lender, you would be able to get a mortgage on the said property to buy new land.
julia jerome

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Post Posted: Fri Feb 04, 2011 12:44 pm    Post subject: getting loan
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I own 220 acres of land iwant aloan on this land what / how /where too get

such aloan
julia jerome

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Post Posted: Fri Feb 04, 2011 12:47 pm    Post subject: loan
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how do I proceed w/getting aloan on land that i own
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charles jackson

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Post Posted: Wed Apr 27, 2011 2:15 pm    Post subject: borrowing against my land
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i own over 20 acers in florida my credit score is 540 i went to a bank to get a loan on it and got denied where would i find someone to loan me $28,500 its valued at $30,00
Icon Mini Profile jameshogg
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Post Posted: Thu Apr 28, 2011 12:00 am    Post subject:
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Hi charles,

With a credit score of 540, you won't be able to qualify for a loan. You should have a credit score of around 600 in order to qualify for a FHA loan. If you want a conventional home, then you should have a score of 700-720. Unless you have the required credit score, you won't qualify for a mortgage.

Thanks.
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