Scott Hulen randshomes.com
Also you have a 3rd option--if you can keep the loan amount at $292,500 or less. This price range may be difficult in South Tampa depending on what you are hoping to find/create. What I'm suggesting is an FHA 203K mortgage. It would allow you to purchase a home and add "upgrades/improvements" to your mortgage and only put down a mere 3.5% of the price. So you could take a fixer upper and customize it with the choices you prefer, i.e. hardwood floors, granite counters, cherry cabinets, etc. As long as the appraisal will support the after fixed up value you should be okay.
If you would like to browse available properties in South Tampa, you're welcome to sign up for a free Listingbook account on my website:
Also as you probably have discovered, vacant lots or lots with tear down properties are few and far between in S. Tampa. And the cost of financing a to be built home will be significantly higher than our current low mortgage rates.
Hope this helps.
Alma Rose Kee, PA
Future Home Realty
13045 Linebaugh Ave.
Tampa, FL 33626