[Ima saver]

I think I would just get one loan for land and home. If you put down 20%, you can avoid PMI. I know 20% is a lot. I could make my first home a very simple, inexpensive home so you can make a profit when you sell.
We built a very cute new 2 bedroom 2 bath house and sold it for under $120,000, so it can be done. Prices have been sky high the past year, but materials are finally starting to come down.