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My wife and I want to build a new home in Houston. The lot is owned by her parents as an investment property. The in-laws are willing to gift us $60000 in equity in the property. We have been paying off revolving debt for the past year so we are considered "cash-poor" although as a result our DTI is 16%.
We have credit scores above 700 and excellent jobs. The land is worth $115k minimum and our construction budget is $485k. We have been told that we need to bring 20% down to this project to get things started. I am wondering if there are any programs such as 80/15/5 loans that apply to new construction or any other ways we can start without having to sell our existing home first. I want to live in our current home for as long as we can during construction.