When you're looking to finance your new home, you need to choose your lender carefully. While you'll have to pay for the package before it's assembled some lenders will not release money for materials until they have been used in the construction project. Get pre-approval of your loan. To obtain financing you'll need to submit a loan application and construction documents, blueprints, a site plan, property survey and copies of contracts, etc. Check terms of your construction loan, if your house isn't finished when time expires, you'll have to request an extension which may entail extra fees or penalties. When your home is complete, your construction loan will be paid off with a mortgage. Interest rates for mortgages are lower than those for construction loans, since financing an existing home carries less risk than financing a home that isn't yet complete. Before converting a construction loan to a permanent mortgage, some lenders require home owners to obtain a "Use and Occupancy" permit, proving the home is complete before you move into it.
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