No, in review of the research - the buying of vacant land does not prohibit you from applying for and getting first time buyer's assistance later when you buy a home.
I am thinking of purchasing my first home (as a first-time buyer) in the near future here in West Texas. Although there is a residential lot a few counties over in the Hill Country that I would like to buy now and could be a great investment, but I don't know how it will affect my status as a potential home buyer in the future.
As stated, it won't affect your future "first time buyer" eligibility.
Is there something I should do such as create a LLC and try to buy the property under that name or buy it as an individual and then transfer it over or something???
So, unless you want to form the LLC and buy the property for investment purposes and limit your liability on the property - I don't see the necessity nor need to spend the additional monies or incur the additional expenses of forming an LLC.
I don't know if it is better to be a first time buyer when I go to purchase the new home or not.
You would qualify for a variety of programs regardless if you purchase the vacant land or not.
The Upfront Cost Assistance Program (UPCAP)
Home of Your Own Program (HOYO)