Question about PMI

I'm getting $20,000.

50k (land) + 300k (house) = 350k (total value at completion)
350k * 20% (equity) = $70k
70k - 50k = 20k

Assuming you are building a house which in that case would be off the value of the property including the lot

Does the value of the land and the home equal to your outlay of $350k?

if you’re building don’t you need a construction loan which is 20% down anyway?

Find a bank that will do a construction loan on the appraised value. The appraiser will take your proposed budget, plans, & specs and appraise your lot as if the house was built. They will base your loan to value on the appraised amount, not on the construction cost + lot cost.
Also to someone else’s reply for a construction do you need to have 20% the answer is no. I know of some banks that will go 95% all the way to $850k.
If you are building in Texas I can help you out with some names. If it’s in another state just ask or research who has the best 1x close programs. Usually it’s the mid size banks.

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The assessed value (tax) is irrelevant. All that maters is the appraisal in regards to your LTV being at 80/20 to avoid paying PMI. Once the house is completed or very near completed your lender will order an appraisal to determine its value. What you paid for the lot and/or to have the home built really doesn’t come into play. It’s all about the final appraised value as that is what the bank will be securing (via a mortgage) to loan you money.

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This is a 2x close. Don't do this if you can avoid it. Go find a bank that has a 1x close program. The appraisal is upfront. Instead of having to qualify 12 months later when the house is built you do everything up front. You avoid paying closing costs twice this way. As well as the chance that the housing market in your area tanks and you have to bring more cash to the bank to get the LTV you desire. This way you know upfront before the build.