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We want to get a new house built. Currently owe 60k on our home we intend to sell. What do we do?

My wife and I got pre-approved for a home loan and have been looking around at houses but haven't found anything we would consider a "forever home". A friend of ours told us she had her first home built and recommended we go that route. The only difference is we currently own a home that we owe 60k on, she was living apartment life. Obviously it takes time and money to build a house. How do we go about getting a house built and how do the payments work? Do we put down a deposit for the build to start and when your ready to move in, sell your old place and put those funds toward the new build and start a new mortgage? We wouldn't be able to pay 2 mortgages at the same time... Very confused how this works.

submitted by /u/anticlockclock
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source https://www.reddit.com/r/RealEstate/comments/gbbedf/we_want_to_get_a_new_house_built_currently_owe/
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