Jump to content


Register a free account to unlock additional features at BleepingComputer.com
Welcome to BleepingComputer, a free community where people like yourself come together to discuss and learn how to use their computers. Using the site is easy and fun. As a guest, you can browse and view the various discussions in the forums, but can not create a new topic or reply to an existing one unless you are logged in. Other benefits of registering an account are subscribing to topics and forums, creating a blog, and having no ads shown anywhere on the site.

Click here to Register a free account now! or read our Welcome Guide to learn how to use this site.


A Credit Question..

  • Please log in to reply
4 replies to this topic

#1 ableg02


  • Members
  • 25 posts
  • Local time:09:54 AM

Posted 20 November 2009 - 10:31 AM

I have a 1/4 acre property under my name. Paid off. My credit is not the greatest. My question is: will a bank lend me $ (about $15,000) to build a home putting my property as collateral? (Generally speaking)

BC AdBot (Login to Remove)


#2 ThunderZ


  • Deactivated
  • 4,454 posts
  • Gender:Male
  • Local time:08:54 AM

Posted 20 November 2009 - 10:36 AM

Depends in part on the appraised value of the 1/4 acre. Then if the will, it will only be a % of the value of the land.

Kind of a funny place to ask. The bank won`t charge anything for you to go ask them and find out for sure.

Edited by ThunderZ, 20 November 2009 - 10:37 AM.

#3 garmanma


    Computer Masochist

  • Staff Emeritus
  • 27,809 posts
  • Location:Cleveland, Ohio
  • Local time:09:54 AM

Posted 20 November 2009 - 12:29 PM

The bank won`t charge anything for you to go ask them and find out for sure.

Especially in these tough times
Different lenders have different requirements
Posted Image
why won't my laptop work?

Having grandkids is God's way of giving you a 2nd chance because you were too busy working your butt off the 1st time around
Do not send me PMs with problems that should be posted in the forums. Keep it in the forums, so everyone benefits
Become a BleepingComputer fan: Facebook and Twitter

#4 Orange Blossom

Orange Blossom

    OBleepin Investigator

  • Moderator
  • 36,801 posts
  • Gender:Not Telling
  • Location:Bloomington, IN
  • Local time:09:54 AM

Posted 20 November 2009 - 12:40 PM

Even if they do agree to lend, chances are the loan would be much more expensive because of your credit history.

Incidentally, the type of loan would be a construction loan. You may wish to read this article: http://www.wikihow.com/Get-a-Construction-Loan-%28US%29 for a better understanding of what these are and the different flavors of these loans.

As ThunderZ said, discussing it with the bank would be your best bet and it wouldn't cost you anything. Make sure you stress that you are not applying at this time, you wish to discuss your options. To assist in that discussion, they will need to know your income, debt load, and, if you have one, a recent copy of your credit report. You can get one free once a year from each of the 3 credit reporting agencies. By timing things properly, you can get a free report 3 times a year: one from each company. With that information, you can discuss options etc. with the bank.

The bank will look at debt to income ratio as well as your credit history. If your debt to income ratio is too high, you will be denied even if you have an excellent credit rating.

Orange Blossom :thumbsup:
Help us help you. If HelpBot replies, you MUST follow step 1 in its reply so we know you need help.

Orange Blossom

An ounce of prevention is worth a pound of cure

SpywareBlaster, WinPatrol Plus, ESET Smart Security, Malwarebytes' Anti-Malware, NoScript Firefox ext., Norton noscript

#5 ableg02

  • Topic Starter

  • Members
  • 25 posts
  • Local time:09:54 AM

Posted 20 November 2009 - 04:20 PM

thanks guys

0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users