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Need a Personal Loan using my land as collateral

Hi,

I need a personal loan for $20,000 to 30,000. I own land and would like to use it as collateral since my credit score is so low (630).

I know that there are subprime lenders in this fourm, so any advise or help would be appreciated.

Thanks!

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

If any lender is interested in your situation, he will surely get back to you or you can also try to contact them.

Hope someone will surely help you out.

Best of luck,
Larry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Larry. I hope so too.

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james.wells's picture
james.wells | Joined: September 26, 2007 11:44 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you use "Real Property" (land or a house w/land) then you are asking for a mortgage, not a personal loan. 630 isn't that bad, but if there is no house on the property and it's not your primary residence, getting an approval will likely become tougher, lower LTVs, higher rates, etc. Your low loan amount will also be a turn off to many mortgage brokers, you will likely be better off contacting a local bank, credit union, or finance company.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a construction to permanent loan. I am still in the midst of the construction phase, but am hoping to be done by the middle of January. At which time, it will turn into a mortgage.

I own the land (have the title). The house is about 80% complete. I just need extra money. Should I take out a personal loan or a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url]? If a second mortgage is viable, how would I go about getting one?

Thanks!

marshak

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm not sure a second mortgage would be viable if you already have a construction loan lein against the property, but there may be someone out there that can help. A personal (unsecured) loan for 20-30k would also be difficult. If you have other security, such as a vehicle, other property, etc. it would become easier to obtain the loan. Sorry I couldn't be of more help.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have property with my family in North Carolina, the land is undeveloped. My credit is terrible. We had a buyer for some of the land 39 acres, but the transaction has not completed yet, don't know when it will be sold. I'm in desperate need for money, I need to buy a car, and consolidate my bills. I need approx $25,000.

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Rosanna,

There are lenders who offer loans using undeveloped lands as collateral. You may have to shop for a while for lenders to get a reasonable rate as your credit is bad.

What is your credit score at present?

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Jason1's picture
Jason1 | Joined: January 1, 2008 09:11 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi marshak, what's the land's value? If it's less than 50% you should be able to find a private lender, also known as hard money lender. Depending on where you are located this may be a viable option. The fees are usually pretty steep and the rates usually range from 9% to 13%. You may also want to check in with a small local bank that retains their loans. The fees and rates should be a bit less (although I wouldn't plan on much less).

Good luck in your search,

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you need money to complete the home then you will want to get another construction loan. If the house will be complete but need money for some other things, then I would suggest a first mortgage [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. Interest rates are very good right now so you will probably get better than what you have now.

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lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you need money to complete the home then you will want to get another construction loan. If the house will be complete but need money for some other things, then I would suggest a first mortgage refinance. Interest rates are very good right now so you will probably get better than what you have now.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I need a personal loan, my credit score around 630. I have 35 acres of farmland that I could use as collateral. Is this possible?

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Linda,

Welcome to the forum,

I think no collateral is needed for a personal loan. Personal loans are unsecured loans. You can try to take a loan against your farm land but all lenders don't always agree for that. So you may have to shop a bit for that.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If I have a deed to property that is in Belize, Central America, and I have a rich friend who is willing to make a loan to me using the property as collateral. What forms do I use to assure my friend that he can take over title to the property in Belize if I fail to pay him back? I am asking for the name of the forms and where do I find them? Thanks, Peter P.S. I am living in the U.S. and my friend is in the U.S. but the land is in Belize, Central America.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I currently own a modular home on its own property in a nice 55+ deed restricted community in Florida. I need a loan to pay off small debts and upgrade the home. My credit is really low because I got behind in my credit card payments. Where could I possibly go for help using my home and land as collateral. Thank you.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey Peter.

As the property is in Belize, you should contact with an attorney in Belize. The law in Belize may differ from here in U.S.

Hey Harold.

Do you have any loan currently against the modular home?If yes then hoe how much equity do you have?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes i own my home and land

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi james douglas laney,

As you won both the home and the land, you can use either the home or the land in order to get a loan. Buy the way, can you tell me why you need a loan? Do you want to buy a property?

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Marsha K.,

In response to Marsha K. I would like to know how you could possibly own the title to the land in your construction to permanent loan since it is normally quitclaimed over to the bank giving the loan as collateral in case you fail to make your payments to the Builder/Contract. You are just the purchaser until completion, the debtor under both the construction and permanent mortgage and until that time nothing else although the bank usually makes it look as if you are the "borrower". You are once the completion of the contract in the security agreement is done and the permanent phase starts. I would definitely look at your agreements because I have never heard of a construction to perment loan that did not use the land as collateral to pay for the purchase of the house/sales agreement/security agreement (usually the one that amends the trust deed during construction). Good luck getting the funds. There should have been enough to finish the home unless you made changes or perhaps fired your builder.

Kelly

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is the lowest rate of interest I can expect on refinancing my farm loan at this time. I have been quoted 5.95%. I feel I could still get a
lower one.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Donna,

I would suggest you to speak to few other lenders and check out what rates they are offering you. This would give you an idea whether you could get mortgage at a lower rate.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i own an acre in cosby tn i paid 25k for it i belive its proble valued 30-35 k now dont know i got bad credit and need money to buy a house i stuck in this rewnters nightmere and me and my wife can afford the morgage on this house im downing everything i can to get help help any one
email "roysantanajr@rocketmail.com"

[size=9:1c8530679d][color=Red:1c8530679d][Email address deactivated as per forum rules][/color:1c8530679d][/size:1c8530679d]

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

[quote:45e2f3a841]i got bad credit [/quote:45e2f3a841]

What is your credit score like? and how much down payment can you afford to put in?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I have mortgage on a second home, which we purchased from my mother as a gift property. We did this so that she might remain in the home and not have to go to a nursing facility. She currently lives there with my sister as her caretaker. They pay a nominal amount of rent to live there. What are our chances of using our properties as collateral for a loan?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

it is entirely possible maryann. but it depends on the value of the property, of course, and the balance of your existing mortgage. and, of course, you'd have to qualify based on income, credit, etc.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, i presently have land title and i used it as collateral for my mortgage, cani now use this mortgage/house as collateral for my personal consumer loan. would that be possible

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I don't think you can use the land and the house as collateral because you have already used it as collateral to get a mortgage. You cannot use it again for a mortgage until you pay off the existing mortgage. By the way, as far as I know a personal consumer loan is an unsecured loan. You need not put your house as collateral to take such personal loans.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i own a house that sits on 5 acres. I need a loan to fix up house and pay off back bills. my credit score is 600 and i am having trouble getting loan. Can i use my land as collareral to optain the loan

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rob,

Getting a land loan using the land as collateral is almost impossible in this market. Lenders have now stopped offering loans against lands. If there is equity in the house, you can go for a [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] or do a cash-out [url=http://www.mortgagefit.com/refinance.html]refinance[/url] to pay off back bills and fix the house. You also need to improve your credit to at least 620 points. A score of 600 is just not enough these days to qualify for any loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We owe $74,000. on our first mortgage at 5.5% of which we took out in 2003. We owe over $28,000. on our home equity loan at 8.70% of which we took out two to three years ago. We have about $15,000. in credit card dept of which the interest rate is going up to 11.90% next month. We're thinking about refinancing with our bank. If we refinance the home equity loan we have now and barrow the $15,000., making the total loan amount to be $44,000., our interest rate on the new loan will be slightly lower, 8.54%. The bank told us that we can refi. the first mortgage, the home equity loan and the $15,000., to total $118,000. at an interest rate of 6.29%. It won't be a mortgage loan, it'll be a home equity loan so we'll be responsible for paying the taxes and Ins. at the end of the year. Our original mortgage loan again is right now at 5.5% of which will be paid off if we refi. for the $118,000. There will be no closing costs. The bank said that they cover all the fees. I really need some addvice a.s.a.p as to what to do. I hope I explained all of this so you can understand what I'm talking about. It's a little confusing.
I don't know if paying more interest on the first mortgage loan but less on the equity loan that we already have would be a good idea or not. Any advice would be greatly appreciated.

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thewretched022's picture
thewretched022 | Joined: October 21, 2009 06:32 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi terri I think you might have posted this somewhere else?

you might want to consider consolidating the credit card debt separately to avoid bank charges.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

with rates as low as they are, it makes more sense to me to see you take a traditional first mortgage (fha if your scores are not so hot) and you'll have a lower rate than that 6.29%. you can include some, if not all, of your closing costs in the new loan; or again choose a slightly higher rate that will pay the costs. nevertheless, i would have to imagine you can truly do better than 6.29%. doing it for the $44K only doesn't make a ton of sense to me. if you can pay the credit card debt without going back out and running that balance up again (be disciplined!), then adding that in isn't a big issue.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I currently own a piece of land near Houston Texas, about 20mins from Houston, about 18 acres, worth around 1 million dollars, land is paid off. It is currently up for sale, 3330 County Road 48, Rosharon Texas 77583. I would like to use the land as collateral for a 100,000 dollar loan. If there are any lender out there who is interested in my situation, please email me at "anguyenlien@yahoo.com"

[size=9:09720b04f2][color=Red:09720b04f2][Email address deactivated as per forum rules][/color:09720b04f2][/size:09720b04f2]

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi alex,

Getting a loan using a piece of land as collateral is a bit difficult in this market. Most lenders would offer the loan if there is a home on the land which could be used as collateral for the loan. Getting a home loan is easier, provided you qualify for it. But getting a land loan is not easy in this economic situation. However, you can contact you local lenders and see if any of them is interested in offering you the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The tax value on my property is $78,000, I am trying to fix repairs on my home. Need loan of $10,000

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To Celinda,

You can use the home as collateral to qualify for a loan to do the repairs. But if you are trying to get a loan using only the land as collateral, you will find it difficult qualify for the loan. However, since the amount of the loan you are looking for is $10k, you can contact a local lender and look for a personal loan. What is your credit score?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am now between jobs and my credit is not good, but I own a home and property, can I get a secured or personal loan aginst them. Together they valve quite a bit. I need to borroow 70,000. Please inform me if there is some one that can help.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Holly,

With a bad credit, it will be difficult for you to qualify for a conventional loan. However, you may qualify for a personal property loan. You need to contact the local lenders offering personal loans and check out if they can help you in getting a loan. However, such loans are available at a higher interest rates.

Thanks

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Holly, the combination of poor credit and no job is pretty much a guarantee that no lenders will look favorably on your loan request. Finding work, obviously, is a priority; then you can work on your credit issues and be hopeful that it doesn't take too long to turn that around.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

ive put almost 30.000 in my home

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi virgil,

You should contact the local lenders and apply for a construction loan which will help you in finishing off your home. Later on, you'll have to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the construction loan into a normal conventional loan.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We had a total loss house Fire Christmas Day 2010, insurance paid off land and we used our overage and contents check to build new home. We are 90% complete with the new home. We have poor credit and have been assured along the way that we could get construction loan, with no problem regardless of credit score. Now that we need the loan to finish we can not get the loan to finish it. We have put $120,000 into our 2400 sq ft brick home, heated and cooled 3000 sq ft under roof. It will easily appraise for $200,000 but we can't get any bank to help us and we did not know we could not use the unfinished home as collateral. We can get a loan on the property but it is only worth $12,000 and the loan would only be around $6,500 which would help but due to low credit score I can't even get that amount. We only need $9,000 to move in and then about that much to pay off credit cards, so we can began to improve the low credit score. I know there has to be some way for us to get a small loan in order to move into our home, and make it a livable structure so that we can get some type of mortgage or home improvement loan on it.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Rene, it looks like the only way to refinance is with the FHA 203(K) program, but even FHA looks for a decent credit score. You say your credit is "poor." Everyone's definitions are different, though we typically know what we're talking about when we describe our own credit.

It's worth a shot, though...find a lender locally who can work with you, hopefully. Also, you can check out the HUD website (it is a dot gov site) to find a lender who is doing 203(K) loans in your vicinity.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own 1.67 ac land in wake county , NC , and I need borrow money using my land as collateral as my credit is bad , I file for bankrupcy almost 3 years ago , Please advise .

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome MOULAY,

With a bad credit and a 3 year old bankruptcy in your credit report, it will be difficult for you to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. I will suggest you to take some steps to improve your credit and then apply for a mortgage. In order to know some steps to improve your credit, check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html .

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own 23 ac of land in California. Im looking for a personal loan. Its vacant land. Appraised at 1.2 mill. I need 75k for a business investment. Any ideas.

[size=9:9c49bac98f][color=Red:9c49bac98f][Email address deleted as per forum rules. Thanks.][/color:9c49bac98f][/size:9c49bac98f]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Timwrensagain,

You can apply for a FHA loan in order to cash out the equity that you have in the property. If you meet all the other criteria of the lender, then you will be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url].

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