[MysticLlama]

Yes, as long as it has it's own deed, you can refinance it out to it's own fixed rate mortgage. It will be a higher rate than a primary residence, but should be pretty reasonable right now, although possibly higher than your HELOC.

If you're buying raw land and want to put something on it, a construction loan can be very difficult to get if your intention is to keep it vs as a spec or to rent later. I work at a hard money lender and we wouldn't be able to do that because the intent is to be owner-occupied at the end. So it'd be good to make sure you either have all of the $$ up front, or purchase the land, get a land-only mortgage to free the HELOC back up, then the HELOC to build the house, then refi the whole thing again.