Beautiful finished white home with gray roof and green yard - Photos By The Owl/Shutterstock It's finally happening! After months — maybe even years — of dreaming, planning, and saving for a down ...

Taking a loan to build a house is different from buying a ready property, and the tax rules are slightly different too.

Construction loans are short-term, interest-only loans used to build on undeveloped land. Qualification for FHA construction loans requires a 3.5% to 10% downpayment and a credit score of 500+.

An expert Q&A on key points in construction contracts and loan documents that must align to avoid disputes, funding delays, and defaults.