J.K.
Wait and see if the house is still available for sale once the construction is completed. If you're having a hard time buying now, so will anyone else not having the cash to do it outright.
With great credit and no debt, you don't want a subpar FHA loan. You'll have a higher interest rate than you would with a traditional mortgage, and paying PMI is mandatory with an FHA. The house might be great, but don't get emotional about it. There will be other houses if you don't get this one.