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LAND AS COLLATERAL - LoanUniverse Community

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LAND AS COLLATERAL


2 replies to this topic

#1 Jon

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Posted 18 December 2004 - 10:15 PM

I have some land that I own and is appraised @ $30,000 along with a credit score around 630, what type of loan should I approach to get a modular home around $45,000 to $50,000? Nothing fancy, just a nice modular home. Thanks in advanced

#2 loanuniverse

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Posted 19 December 2004 - 03:10 PM

Jon:

If I were in your position, I would try to get the score above 650. I believe that 650 is a cutoff for many programs. I am not a residential lender, but this seems like a straight up residential construction financing. Talk to a couple of local lenders about their programs.

#3 Gilbert

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Posted 23 December 2004 - 04:01 PM

I think what you are asking is can you borrow more than your hard collateral and the answer is yes. The most a bank will usually allow is 33% of the total house can be land. So take your land and multiply it by 3 and you will have a ballpark figure of what you can put together. They usually like to see at least 10% equity in the contruction loan, but that is not hard and many get around it. T





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