If you already own the land you plan to build on you may not have to make a cash down payment. In fact you may be able to roll in any closing costs and/or pre-paids. Land equity comes in three forms.
First, if you have your land gifted to you. We will need sale comps of similar property but you can use the entire value of the land as a credit against your down payment, closing costs and pre-paids.
Second, if you purchased your land over six months ago and it has appreciated. You can use the appreciated value against your down payment and closing costs.
Last, if you made a cash down payment on land within the last year, you will be credited that dollar amount at closing. Any funds that you used for the down payment plus your principal payments on the loan can be used.
The VA is a little different. For some odd reason the VA does not allow vets to use land equity when it comes to rolling in closing costs. The work around is to have your builder agree to pay these costs and simply increase the contract to build price to cover the costs.
Give me call on my cell and we can talk about your situation.