Short answer
Often, yes, as long as the property is mainly a home. Fannie Mae buys loans on residential properties, but not on agricultural properties such as working farms or ranches, or on vacant land. The appraiser must value the whole parcel, report the zoning, and show the home's use is legal. Tell your lender early how much land there is and how you use it.
How does the appraisal handle a big lot?
The appraisal must cover the actual site, not a slice of it. Fannie Mae's example: an appraiser can't value just 5 acres of an undivided 40-acre parcel. The appraiser compares your home with sales of similar homes and land nearby. If few homes with that much land have sold, the appraisal may lean on older or farther sales, which can affect value. See what to do if the appraisal comes in low.
What if the home sits on more than one parcel?
Fannie Mae allows it when:
- Each parcel is conveyed in full and the mortgage covers all of them.
- The parcels touch, unless a road divides them and the parcel without the home isn't buildable, such as a lot that gives access to the water.
- They share the same basic zoning.
- There's only one dwelling across all of them; a garage or similar outbuilding is fine.
What counts as a farm?
Fannie Mae doesn't buy loans on agricultural properties such as farms or ranches. Whether a property counts as agricultural depends on how it's used and how the appraiser and lender see it, so a working farm that earns income from the land usually needs a different kind of loan. Tell Tom early how you'll use the land so he can point you to the right program. USDA loans are another option in eligible areas; see the USDA guide.
What about barns, stables and other outbuildings?
Fannie Mae's Selling Guide (B4-1.3-05) has lenders look closely at homes with outbuildings to make sure the property is residential. Small barns or stables of little value compared with the home are fine when the appraiser shows, with comparable sales, that they're typical for homes in the area. An unusual small outbuilding is acceptable if the appraisal gives it little or no value. Large outbuildings, such as silos, big barns or facilities for farm animals, can suggest the property is agricultural, and the lender then decides whether it's residential, whatever value the appraiser gives them.
What about land in current use?
Many large NH lots are enrolled in current use, which lowers the property tax on the open land. Taking land out of current use can trigger a change tax. See the current use guide before you plan to build or subdivide.
Sources
- Fannie Mae Selling Guide B2-3-01, General Property Eligibility
- Fannie Mae Selling Guide B2-3-04, Special Property Eligibility Considerations (multiple parcels)
- Fannie Mae Selling Guide B4-1.3-04, Site Section of the Appraisal Report
- Fannie Mae Selling Guide B4-1.3-05, Improvements Section of the Appraisal Report (outbuildings, 06/04/2025)
Checked November 2, 2026. Rules and dates change, so confirm current details before you rely on them.
General information only, not tax or legal advice. Program availability, eligibility and terms vary by lender and are subject to change and to underwriting approval. Not a commitment to lend.