I guess what I was getting at is there a structure that I could have the seller place on the property that would qualify it as a home instead of vacant land. This would reduce my down payment % required to obtain favorable financing.
For instance: I know you can count a boat as a second home if it has a head and a galley. So could a structure be placed on the lot that has a head and a galley make it qualify as a home+land purchase instead of a raw land purchase?
I posted not too long ago about purchasing a vacant lot to someday build on. What I’m wondering is, could I have the seller put something on the lot to classify it as a home so that I can secure conventional financing?
What would qualify in this case?
Does it have to be permanently secured to the property (so an RV wouldn’t work)
Does it just have to meet the 2nd home tax guidelines (like a toilet and a kitchen – [like boats])
I’m sort of thinking out loud…any ideas anyone?
There is conventional lot financing out there, unless that was eliminated recently and im not aware. Try BofA, Usbank, fifth third bank, Wells etc… There is also conventional construction to perm loans out there that will cover lot purchase + construction.