Posted on: 17th Sep, 2009 05:59 am
i have 3 parcels all of them are around 1.14 acres. The tax accesment values are 40,000 dollars a piece. I am looking for 65,000. My credit score is 640 my wifes is 760. I really need help!!!!! :x
hi tcovlin,
if you are looking to get a loan using the 3 parcels of land, you will have to go for a land loan. if you want to use you home as collateral, you can get a home equity loan. both you and your wife have credit scores good enough to get you qualified for a loan. if you have a decent income and can show your ability to repay the loan, you should be able to get a loan of $65000.
i think you can go for a no-obligation free mortgage consultation with the lenders in this community. they will assess your credit, income and other requirements, and will offer you suggestion on the right type of loan.
if you are looking to get a loan using the 3 parcels of land, you will have to go for a land loan. if you want to use you home as collateral, you can get a home equity loan. both you and your wife have credit scores good enough to get you qualified for a loan. if you have a decent income and can show your ability to repay the loan, you should be able to get a loan of $65000.
i think you can go for a no-obligation free mortgage consultation with the lenders in this community. they will assess your credit, income and other requirements, and will offer you suggestion on the right type of loan.
The assessment has nothing to do with the true value. You need an appraisal. For all you know, it could be worth $80k
