Here is the situation, customer wants to purchase a lot loan to place their RV and trailer on. They have sold their home and travel alot and when in town lives with mother. Question comes in the lot apparently has an old home on it, which they state is unlivable and he might use as a workshop....so our question is, if appraisal reveals structure is unlivable, would this be treated just as a lot loan.....or would it perhaps be considered 2nd home (even though their primary residence is RV) Any thoughts on this! Thanks!

We will not allow a structure on a lot loan. If the building is to be torn down, we suggest to the owner that they contact the fire department. They will go out and use it for training and well...take care of the removal.

according to our consultants, it would be handled as a lot loan. But good point, I will pass on to our loan officer.
Thanks!