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A construction loan is one of the most common financing options available for building a home. You’ll typically need a high credit score and make a down payment when you apply for the loan. Other alternatives include federal construction loans for active and retired service members, hard money loans, and construction loans backed by the Federal Housing Administration.

Building your house typically takes about seven months from start to finish. According to U.S. Census Bureau data, this timeline is achievable when all tasks are managed efficiently. With effective planning, optimal labor allocation, and proactive resource management, you can complete the construction phases on schedule while minimizing delays and unforeseen setbacks.

To save on home-building costs, consider choosing a smaller design or alternative construction methods. You can lower expenses dramatically by using prefabricated house kits, repurposing shipping containers, or adopting tiny house designs that require as little as $8,000 in material costs. These strategies reduce labor expenses and material waste while delivering a high-quality, efficient home.