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Law Pro
Law Pro, Lawyer
Category: Real Estate Law
Satisfied Customers: 24870
Experience:  20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
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I am thinking of purchasing my first home (as a first-time

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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. 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??? I don't know if it is better to be a first time buyer when I go to purchase the new home or not. Please help.
Hi! My name is XXXXX XXXXX I'll be the attorney assisting you.

I'm going to double check but I don't think that buying vacant land terminates your first time home buying benefits.

Customer: replied 3 years ago.


Yes, please double check that because I don't want to make the purchase and then find out it did affect it. (1) Would the purchase be better situated with a created LLC or as myself? (2) It is more beneficial then to buy this first house as a first time buyer then?

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)
And HUD programs.
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