Posted on: 20th May, 2011 02:52 am
I have a vacant building lot in New Jersey value $400000. can I get a 100000 loan . My credit score is about 680
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I have a approved building lot approx. 15000 sf. value of 400000. looking for a 100000 loan. Please respond with rate and terms .
Hi lrt,
With a credit score of 680, it will be difficult for you to qualify for conventional loan. You will have to go for FHA loans. You can contact the local lenders and apply for a FHA loan in order to know the rates and terms that you may get. This community has a large number of lenders. You can seek a no obligation free mortgage quote and get to know what type of rates and terms you may qualify for.
With a credit score of 680, it will be difficult for you to qualify for conventional loan. You will have to go for FHA loans. You can contact the local lenders and apply for a FHA loan in order to know the rates and terms that you may get. This community has a large number of lenders. You can seek a no obligation free mortgage quote and get to know what type of rates and terms you may qualify for.
YOu can get a lot loan with that credit score.
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Definitely you can get a loan with your credit score. Please contact the lenders.
Lenders are quite hesitant to offer loans collateralized with vacant land. Consider their quandary if and when a loan is defaulted. They'd be hard-pressed to sell the land in order to recover their investment. If the land in question was being developed in one way or another; or if it actually held some value over and above being simply land, there might be a greated likelihood of obtaining financing.
