re: I need some advice with my house building/loan/PMI

I am not sure about your math, but I can tell you a few things. The land is not appraised like that once it is improved. It will be compared to other homes in your areas with 6 acre tracts. That will be hard to find and will give appraisers fits. It will also give you issues with FNMA/FHLMC,because they may require an appraisal that only values one acre.

You need to do a construction loan, and if your land is paid for and you get some descent bids for the house and contract it yourself. You can save the GC's 20%, if you are handy you can do some of the work and save even more, but if you own the land you shouldn't have PMI.

You don't need to use a bank or a one time close loan, it will cost you more in rate and fees. Go to Dow FCU or another CU for the construction. THen go to a broker for the permanent. If you have PMI somebody screwed up or you just blew your budget. Also realize that if you have 6 acres, your are in a rural area and comps will be hard to find and the appraisal will be ugly as shite for FNMA/FHLMC/VA/FHA.

Try to call a Realtor to get an idea of the average house for your area, if that is your range build that. If it isn't build what you want, but be aware too big you will lose if you try to sell or finance it. It is only worth what your area can sustain. Meaning you don't build a Mansion in the middle of the hood and expect it to be worth the same as the house in the country club.