Manufactured for Value

The Diamond Residential Mortgage Corporation (DRMC) Manufactured Housing Home Loan Program is designed to provide affordable and flexible financing options to people looking to purchase a manufactured home. Our program offers competitive interest rates and various loan options, including loans for individuals with less-than-perfect credit.

With DRMC, you can enjoy a hassle-free application process, expert guidance from our team of dedicated loan officers, and personalized service tailored to meet your specific needs. We are committed to helping our clients achieve their dream of homeownership and providing a smooth and seamless experience every step of the way.

Want to learn more? Let’s take a closer look.

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Manufactured Housing Loans

What is a Manufactured loan?

A manufactured mortgage loan is a type of mortgage that is specifically designed for the purchase or refinance of a manufactured home. Manufactured homes are pre-built in a factory and then transported to their permanent location. These homes are typically less expensive than traditional homes and can be a great option for those looking for affordable housing.

Check out the loan guidelines, pros and cons for Manufactured Housing Loans below.

General DRMC Manufactured Loan Guidelines:

  • Must be used as primary residence
     
  • Purchase or rate and term refinance only (no cash-out refinance)
     
  • Minimum loan amount of $75,000
     
  • Conventional, FHA, VA, and USDA loan Programs available 
     
  • Not older than June 15, 1976
     
  • Singlewide Manufactured Housing loans are special in nature, and like doublewide Manufactured Housing must be permanently affixed and wheels removed. Generally, the property should be skirted with no earth to wood contact to prevent infestation or mold and damage to wood. The property must be connected to water, have a sewer system acceptable to local health authority, and have electrical services. These are not to be movable trailers with wheels that are not permanently affixed with proper and marketable water, sewer, and electrical services


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Pros of Manufactured Mortgage Loans:

  • Affordability:
    Manufactured homes are often more affordable than traditional site-built homes, making homeownership more accessible to a wider range of buyers.
     
  • Faster construction:
    Manufactured homes are built in a controlled factory environment, resulting in a quicker construction process compared to traditional homes.
     
  • Customization options:
    Buyers can choose from various floor plans and designs, allowing for personalization and a home that suits their needs.
     
  • Energy efficiency:
    Modern manufactured homes often meet or exceed energy efficiency standards, resulting in lower utility costs for homeowners.
     
  • Financing options:
    Several loan programs, such as FHA, VA, and USDA loans, are available for financing manufactured homes, providing borrowers with various choices.

 

Cons of Manufactured Mortgage Loans:

  • Higher interest rates:
    While interest rates for manufactured mortgage loans can be lower than other types of loans, they can also be higher, especially for individuals with lower credit scores.
     
  • Limited resale value:
    Manufactured homes typically have a lower resale value compared to traditional homes, which can make it more difficult to sell the property and recoup your investment.
     
  • Location restrictions:
    Manufactured homes may be limited in where they can be placed, as many communities and neighborhoods have restrictions on mobile homes.
     
  • Higher risk for default:
    Manufactured homes are often more susceptible to damage from natural disasters, which can increase the risk of default on the loan.

 

Good candidates for Manufactured Mortgage Loans:

  • First-Time Home Buyers or those with limited budgets seeking an affordable homeownership option
     
  • Individuals or families looking for a customizable and energy-efficient home solution
     
  • Buyers who desire a faster construction process and shorter move-in timeline
     
  • Homebuyers who are eligible for government-backed loan programs, such as FHA, VA, or USDA loans, that offer to finance for manufactured homes

Contact one of our knowledgeable loan specialists who can help guide you through our extensive suite of loan products for a mortgage solution tailored to meet your specific needs.