“The best part of working with Ma Williams is hands down the people. They have a fantastic staff that know their jobs and excel at what they do. They understand that customer service is of utmost importance and doing everything they can to meet and exceed customer expectations. They have always provided me whatever I need to help our clients and are quick to respond to requests that either I, or the client may have. When you have partners like this, and people who put in the time and effort just like you do, it leads to successful results, and very happy customers. It’s great to know you have such a great partner who supports you in every way, as it allows you to help the customer. This is how we are able to help all of our customers to the best of all our abilities. There’s a reason they have been in business for 50 years – and more impressively, been extremely successful and respected for those 50 years.”
Steve Harwood, Silvercrest Homes
I was just calling for information. I spoke to Cindy and she was very nice and helpful.
Marco G. – San Diego County
Lavon explained the process very clearly walked and me through it. Once I am ready I will definitely be returning to the Ma Williams sales center.
Pascual G. – Riverside County
I was absolutely pleased with Lavon; she was a doll. She was extremely thorough and knows all about your homes! Please let them know what I said about Lavon. I'd send anybody her way!
Ginger Z. – Escondido, CA
Lavon was a wealth of knowledge.
Steven and Genevieve W. – Bradley, CA
Many of our customers, especially first-time home buyers, have a lot of questions about the best way to finance their land home package, and what is required to get the finance process started. With more than 50 years of experience in land home projects through the use of construction loans, we have the knowledge and experience to help you find the best financing arrangements possible, and we are always happy to do so.
One of the most significant elements in this process is the down payment. Let’s answer some of the questions about this that we hear most often.
Yes, a down payment is required to be pre-approved for a loan if you are applying for FHA or Conventional Construction loans.
The amount of down payment required is determined by the type of loan. Ma Williams works with lenders that offer FHA, VA and Conventional construction loans. The VA construction loan requires no down payment. The FHA construction loan requires a minimum down payment of 3.5% of the total purchase price of the project. The Conventional construction loan requires a minimum 10% down payment.
Example: In Riverside County, the average minimum project costs for land and home projects is approximately $275,000. Based on that number, a down payment of 3.5% for the use of an FHA construction loan equates to approximately $9,625.
Having at least $8,000 to $10,000 saved for a down payment puts you in good position for your purchase.
The down payment must be available to you when applying for the loan. If you do not have the full down payment, then most of the down payment should be saved with the remaining down payment needed attainable in a short amount of time. The funds for use will be needed once you are ready to fund the construction loan, which could be within 60 days of your approval, depending on your purchase type and how quickly all costs are ascertained.
There are currently no down payment assistance programs that the lenders we work with offer on construction loans that allow for down payment assistance, so buyers should have their down payment saved when applying for construction loan financing.
Yes! Gifted funds for a down payment from a relative are acceptable by most lenders.
You do not need to obtain a pre-approval from a lender before visiting Ma Williams. Ma Williams can help you get pre-approved; we work closely with a select group of trusted lenders that are well versed in our process and requirements for manufactured home and land packages. That experience also benefits our customers.
It helps if buyers provide a completed loan application (which we provide) with completed employment and residence history for at least three years along with income documents, which include pay stubs and W2 forms. For buyers that are self-employed, lenders will require two most recent years of Federal tax returns, inclusive of Schedule C, to determine income. These items are needed to submit to the lender for pre-approval.
Still have questions? We’re here to help. Talk to a Ma Williams representative today