re: Buying a lot from a builder

I would imagine the builder is not going to sell you a lot for you to sit on very long if it's a desirable community. The CCR's of subd may have restrictions for timeline as well. Always always always read covenants before you build in HOA/restricted development. This sound like the type of community where purchasing the lot means you are ready to start drawing or have plans ready to be bid out and start construction.

If you're going construction to perm you'll need to know total cost of project and submit to lender. If approved, you'll be required to put 10-20% down of that cost. First draw from lender will be to secure the lot. From there your builder will make random draws based on % of completion of the property. Once completed and appraised, lender will convert to permanent loan

Your first step should be a very informal idea of a total cost and get preapproved for that amount. Builder will require it anyways.