Most lenders require a policy with builder’s risk insurance, which covers the materials and structure during construction. Even though your home isn’t built yet, you’ll need homeowners insurance. As part of your loan application, the lender will check the builder’s license, finances and more. To get a construction loan, you’ll need to work with a reputable builder and have legit construction plans. You may already own the land, be buying it as part of the construction loan or be starting from scratch. Because construction loans are short-term specialty financing options, their pricing structures and closing costs differ from traditional mortgages.…