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Even if you know the builder and think he's a great guy, I personally wouldn't close on it until every single thing is completed and checked off. That means paying close attention on your final walk through. It would probably be worth it to pay an inspector to do the final check for you. And make sure it's someone the builder doesn't already know or work with.
I'd also make sure you had very specific terms in writing about what he will and will not do regarding repairs and problems after you've moved in. If it's new construction, you'll have things pop up in the first few weeks/months. Make sure he gives you a timeline for when he'll take care of them and what things he will exclude and not be responsible for.
I'd also make sure that you get specific about brands and quality of building materials, hardware, appliances, etc. Some of them will try to slip in shitty crap or substitute inferior products if a problem crops up later. And don't forget landscaping specifics, if that's included in your deal.
As for the lending, that will depend on a lot of things- your credit, where it's located, down payment, type of loan, etc. Do you have a broker or someone you can trust to help you?
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