Thanks for your help. I ve had the privilege of visiting with in this forum. Thanks for writing. As a general rule, it is less expensive to purchase an existing home of comparable quality with similar features than it is to purchase the lot and have the home built. There are a lot of reasons you may want to consider having a home built, but a potential cost savings is usually not very high on the list.
Many banks provide interim construction loans.
The contractor submits invoices for work completed at predetermined intervals. You, as the borrower, pay interest on the total amount of money advanced to the builder during the construction phase. There are variations to this scenario, but this gives you an idea as to how it works. If you owned the lot for less than a year, the value of the lot would be the contract price. The best way to find a homebuilder is through a personal reference.