Posted on: 05th Jun, 2010 06:55 am
My wife and I own 1.5. acres of land in Pennsylvania. We have mostly been unemployed and owe some back bills totaling about 5,000 dollars. We have poor credit because of the unemployment. We are now working, me two part-time jobs, my wife is now selling insurance. Can we use the land as collateral for a loan? :wink:
Welcome jjramey,
You can use the land as a collateral in order to get a mortgage. However, getting a loan will depend upon your credit score, financial situation and debt to income ratio. If you meet the requirements of the lender, you will be able to get a loan. I would suggest you to contact the local lenders and check out if you can get pre-approved for a mortgage.
You can use the land as a collateral in order to get a mortgage. However, getting a loan will depend upon your credit score, financial situation and debt to income ratio. If you meet the requirements of the lender, you will be able to get a loan. I would suggest you to contact the local lenders and check out if you can get pre-approved for a mortgage.