Posted on: 09th Sep, 2010 04:24 am
Im looking to borrow $60,000 i would like to use the land as collateral located in Pondaroacha subdivison Otero County, New Mexico. The land is empty size of land 5,193 acres. How can i do this.
Hi aiden,
You will have to contact the local land loan lenders and apply for a loan. You will have to meet the required criteria of the lender in order to get the loan. You should have a credit score of 700-720 in order to get a conventional loan. You should also have a stable income when you apply for a loan. If you do not meet the income requirements, the lenders will not be ready to give you a mortgage.
You will have to contact the local land loan lenders and apply for a loan. You will have to meet the required criteria of the lender in order to get the loan. You should have a credit score of 700-720 in order to get a conventional loan. You should also have a stable income when you apply for a loan. If you do not meet the income requirements, the lenders will not be ready to give you a mortgage.