Posted on: 15th Nov, 2008 08:41 am
I have 40 acres of land in WI owned free and clear with an independent appraisal of $140,000. I wish to borrow $50,000 to pay off other debt. I am having difficulty finding someone to take the land as collateral - there are no improvements on the land.
Hi Mtrue,
Welcome to the forums.
I guess you wish to take a land loan using the land as the collateral. You said you are finding it difficult to get a loan. But what are lenders saying regarding denial of the loan offer? there must be some reasons involved.
The appraised value of the land is good enough and comparatively you aren't borrowing much. So, there shouldn't be much of a problem in getting the land loan. Well, I shall suggest that you have a talk with the lenders in this community. You can simply go for a no-obligation free loan consultation with the lenders here. Let's hope they'll be able to help you out.
Take Care
Welcome to the forums.
I guess you wish to take a land loan using the land as the collateral. You said you are finding it difficult to get a loan. But what are lenders saying regarding denial of the loan offer? there must be some reasons involved.
The appraised value of the land is good enough and comparatively you aren't borrowing much. So, there shouldn't be much of a problem in getting the land loan. Well, I shall suggest that you have a talk with the lenders in this community. You can simply go for a no-obligation free loan consultation with the lenders here. Let's hope they'll be able to help you out.
Take Care
loans in which land is the only collateral are difficult to obtain. institutional lenders are not willing to take the risks involved in undeveloped land as collateral. you may find that there are hard-money lenders (higher rates, etc.) willing to take that risk.
if you've got a broker you deal with currently, that may assist you in finding such a lender.
if you've got a broker you deal with currently, that may assist you in finding such a lender.
I own a home in dallas texas free and clear , can i use the the property for a loan ? im in california
Hi Ronald!
Welcome to forums!
You can take a loan on your free and clear property in order to buy another property. However, you should inform your lender about the fact that you would be purchasing the property in California.
Sussane
Welcome to forums!
You can take a loan on your free and clear property in order to buy another property. However, you should inform your lender about the fact that you would be purchasing the property in California.
Sussane
My wife and I are looking to have a home placed on 40 acres of pasture land that we have recently obtained. This land is lein free. This is our only collateral that we own. The land is appraised at 80,000 and we are looking on purchasing a modular house for around 150,000 which will be placed on a new basement. What are our changes of getting a first time home buyers loan? Our credit scores on around 700.
Hi Horace,
You will get a first time buyers home loans only if you have not owned a property within the last 3 years. In such a case, you would be able to get the first time home buyers tax credit as well. If you are looking for a conventional loan, you would need a credit score of around 720. Moreover, your credit report should not have negative items on it. The lender will also look after your income before granting the loan.
You will get a first time buyers home loans only if you have not owned a property within the last 3 years. In such a case, you would be able to get the first time home buyers tax credit as well. If you are looking for a conventional loan, you would need a credit score of around 720. Moreover, your credit report should not have negative items on it. The lender will also look after your income before granting the loan.
Can I get a loan using property in someone eles' name ascollateral, property is free and clear.
Can I use a friend's home as collateral for a loan the home and land are free and clear.
You cannot get a loan in your name if your name is not mentioned in the property deed. The lender will issue the loan to the owner of the property and not to anyone else.
My wife and I own 32 acres of land that we want to use as collateral to start a farm. Are there any lenders that would be able to assist us? She has poor credit and I have none at all. Any advice?
Your query has been replied to in the given page:
http://www.mortgagefit.com/loantalk/land-badcredit.html
Please take a look at it. Hope it helps you.
http://www.mortgagefit.com/loantalk/land-badcredit.html
Please take a look at it. Hope it helps you.
My daughter and son-in-law were given 20 acres of land to build a home from his mom and dad. They currently have a construction loan and ready to switch to a conventional home loan because the house has been completed. However because the in-laws have not put the land in their name yet they cannot get the loan. They were told the land needs to be in their name 6 months before they can get the loan. If the paperwork is completed and the land is in their name, do they really need to wait for 6 months?
There are chances that the lenders would want your daughter and son-in-law to own the property for 6 months. However, if the paperwork is complete, then they can start applying for loan to check out whether or not they would get one.
How do I go about selling 7 acres that were appraised at 380,000 or obtaing a loan on it. I recently lost my job and I need to go back to school. What do you recommend?
You won't be able to qualify for a loan as you are unemployed right now. You can definitely sell off the property. You will have to list the property in the market and check out if you can get buyers for the property. You can list the property at the appraised value or you can lower the value and list it in the market.