Advice on financing

[Shane C.]

Hello,

My wife and I are looking at buying a 200 acre piece of property that is near our home. The largest parcel on the property is about 135 acres and it has a SFH on it that needs quite a bit of renovation. There is also a large barn on the parcel that is complete with water and electric. Originally, I was thinking that this would be viewed as vacant land, but with the house on it I would think that we could play our cards differently.

Because we already have a home, what is the best way to obtain conventional financing? Would most banks consider this as a primary home and give the best rates, or would they look at it as a second home and require significantly more down and higher interest? What we're proposing really is no different than what people do all the time when they buy a new home prior to selling their existing, I wouldn't think.

I'm not counting on any seller financing, but I will try to obtain it as the property is free and clear, except about 12K in back real estate taxes.
Anyhow, I would appreciate any input from those of you that may have done something similar.
Thanks!