Factor in land, construction, permits, and a 10–15% contingency fund for unexpected costs.
Expect stricter criteria, including a credit score of at least 680 and a down payment of 20% to 25% . 3. Find and Evaluate the Land How to buy land and build a house | Rocket Mortgage how to buy land and build a home
Standard mortgages don't apply to unbuilt homes. You will likely need one of these: Factor in land, construction, permits, and a 10–15%
Covers the build and automatically converts to a traditional mortgage once finished, requiring only one set of closing costs. Factor in land
Specifically for purchasing the land if you aren't ready to build immediately.