For a property to be considered a residence for a loan...?
This may vary somewhat by area but I'm wondering what the dividing line is between buying land; at an increased loan rate and 15 years tops
vs. buying land with a "residence" at a lower rate and option for 30 years.
Seems like in the city if you buy some bombed out repro that's basically unliveable, the bathroom doesn't work etc., you are still getting the "residence" rate (or is that not true?)
So....if you buy acreage in the country with a 1 room hunting cabin, no electric, no bathroom, is that considered a residence? 4 walls and a roof?
Or there are a lot of places that have a totally ancient travel trailer, some version of a septic, well, maybe electric - does that meet the standard of residence?
What is the rule of thumb? If there is one.