I will not be building on the property for at least 3-5yrs(mobile home). My other concern is to get the loan for 20 years or more. The bank I am working with now is willing to do $55,000 for 15 yrs, at $600.00 p/mo, I can't afford that. I am not quite willing to put home down as collateral. Please I'd really appreciate some sound advise.
What loan company will make a property loan, W/O a down payment or collateral at; a reasonable interest rate?
Depends on the state you are in. Check with your bank first. They might be willing to do it. Most lenders won't want to mess with that. A land/home package would be better and get you a better interest rate.
What loan company will make a property loan, W/O a down payment or collateral at; a reasonable interest rate?
I'm in the mortgage business and I don't know of anyone willing to do that. Maybe you could find a private lender or get seller financing.
What loan company will make a property loan, W/O a down payment or collateral at; a reasonable interest rate?
Not on those terms. Loan sharks and lenders that may consider that would have astronomical interest rates that would eat you alive.
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