Own my land and home free and clear no mortage and my score is 629 what kind of loan is best want to use as collateral house not in great s

Since you have no mortgage, you can obtain many types of loans. They will be dependent upon your credit score, your credit history, the value of the property, your income etc. Hard money loans are available for people who have bad credit or cant show income, they lend on the collateral only. FHA can go to 620 sometimes lower but FHA loans are tough on the quality of the home. Same with conventional loans, if the home is completely inhabitable, then hard money or even a 203k FHA rehab loan could work. What state are you in? Have you contacted any loan companies?

I am in Louisiana and I tried GFMS lending and a company through primerica she tried to do it as investment property which is not what i ask I am frustrated because I dont know whoto trust or where to go for the loan. I figured Someone out there could give it to me since I have no mortgage or balanceon the home I own the land and home free and clear. The home is not in great condition and the only utilities I have on is the water. Some people are asking for homeowners insurance but I havent found anyone to do it yet since the reparis need to be done

Hi reggae_red,

You should contact lenders other than GFMS and apply for a FHA loan. With a credit score of 629, I'm sure you'll qualify for such loan. However, apart from the credit score, you should also have a good income.

Thanks