Posted on: 16th May, 2009 08:09 am
We own 3 acres of land in Westport, MA and are trying to find out how we go about starting the process of finding out if we can get a loan to build a house on it. We both have less than good credit and are not sure where to begin...
Hi nwante,
You can use the land as a collateral against the mortgage. But I do not think you can use it as downpayment. If you cannot afford much of downpayment, you can use an FHA loan which requires only 3.5% downpayment. But if you have a bad credit, you will not qualilfy. Is your credit less than 600 points?
You can use the land as a collateral against the mortgage. But I do not think you can use it as downpayment. If you cannot afford much of downpayment, you can use an FHA loan which requires only 3.5% downpayment. But if you have a bad credit, you will not qualilfy. Is your credit less than 600 points?