re: Construction loan process for new home build questions

Your house plans will be appraised. If your property is more than 20% of your anticipated construction costs you will not have a down payment. You will get a check book to write checks to sub contractors. The draw schedule is based on percentages pre determined. You only pay interest on the amount of money you have requested in draws.
Most banks won’t allow self builds anymore unless you can prove you have construction knowledge.