Is it possible for a single mom with bad credit to get a home loan if she owns an acre of commercial land?
I am a teacher who finished up terrible credit after borrowing money for college and with the expenses of my child. I have steady income.
I need some money to pay off some bills(credit cards,loans, other stuff about a $50,000 debt. I own some inherited commercial property that is worth about 25-30 thousand dollars. I want to remodel the ancient house on it but I don’t have the cash. Also I want to borrow some money on the place to pay off some bills. I am more than 6 months behind on a lot of my bills. Is it anything that I could do to get some money with terrible credit. I have owned this place for 3 years but can’t earn any profits off of it because I don’t have any money to invest in it. The property is in North Mississippi in a very excellent location of business.
Also I want to know what type of loan do I say that I need?
Th property has never had any liens on it.
Any advice would be appreciated!
My income is less than 33,000
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Tags: 3 years, acre, Bad Credit, borrowing money, commercial, credit, credit cards, Home, land, loan, loans, location of business, north mississippi, owns, possible, profits, single, steady income, thousand dollarsTags: 3 years, acre, Bad Credit, borrowing money, commercial, credit, credit cards, Home, land, loan, loans, location of business, north mississippi, owns, possible, profits, single, steady income, thousand dollars
I don’t see why not as long as you place the land up for collateral and have a job to pay the loan back. You may need a co-signer though. Sorry, I can’t help you with the type of loan, though.
I don’t know how $25-30,000.00 will help much with the debt you are talking about. And besides, the loan to value ratio on commercial property is about 75% meaning if the property is worth $30,000 the most you could borrow against it would be somewhere around $22,500. Not to mention the high interest rate you’re going to get with a poor credit history. You need $50,000 for your debt, you’re 6 months behind on your bills, and want to fix up the ancient house and you make less than $33,000.00. This is just my opinion but I reckon you need to go to a financial planner and come up with a better solution that will not only help you out in the present, but will be better off for you in the long run. If you’re 6 months behind on your bills, you need to take care of the way you handle your finances before incurring any new debt. Sorry, that’s my best advice. Excellent luck
I found some excellent info here.
is there any home equity in this house? if so get a loan off of it with a low apr and then you can fix it up and if you want to sell it there you go.