GMAC Mortgage Loans

Until 1985, GMAC was solely and automobile financing company. In 1985 GMAC took off in a new direction, and by 1998, they had acquired the Better Homes and Gardens Real Estate franchise network and a number of relocation businesses. GMAC has now established a presence in the home buying and selling market. GMAC Residential Holdings is comprised of GMAC Mortgage and GMAC Bank.

GMAC Mortgage Loan Options

If you wish to apply for a mortgage through the GMAC Corporation, apply through GMAC Mortgage. GMAC Mortgage is headquartered in Horsham, Pennsylvania. They lend through a nationwide network of retail offices, direct lending centers, and internet sites under gmacmaortgage.com and ditech.com.

GMAC offers programs for first time buyers. The HomeFlex Plan is an excellent option because it offers borrowers 100% financing with no Private Mortgage Insurance (PMI). It is commonly referred to as an 80/20 Loan and is a combination of two loans. The first mortgage is for 80% of the home price, and the second is for 20% of the home price. Since neither of the mortgages go above 80%, the borrower does not have to pay for costly PMI, but they still have enough money to finance the entire purchase of the home, thus eliminating the need for a down payment.

GMAC HomeStrength Loan

Another interesting option for first time homebuyers is the HomeStrength. This loan comes with an additional second loan for 4% of the home’s value. The extra 4% covers the down payment and all but $500 of the closing cost. The best part of this loan is that the second portion requires no monthly payment and is completely forgiven after ten years of on time mortgage payments.

GMAC offers options for previous homeowners as well. Their Interest-Only Loan, Adjustable Rate Mortgage, and Balloon Mortgage all come with attractive low monthly payment plans. GMAC offers the Adjustable Rate Mortgage in varying terms. The initial fixed rate period could be anywhere from three months to ten years, and the adjustment periods thereafter can be annual, bi-annual, or monthly. All ARMs from GMAC come with lifetime caps. The Balloon Mortgage comes in five or seven year terms.

GMAC Mortgage also offers traditional mortgage plans such as the Fixed Rate Mortgage, Home Equity Loan, Home Equity Line of Credit, the FHA Loan, and the VA Loan among others. The FHA Loan is insured by the Federal Housing Administration and often requires little to no down payment. The VA Loan is offered to US Veterans by the Veterans Administration. This loan often offers candidates 100% financing.

This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states. Mortgage Info makes no representation, express or implied, that you will receive a quote from any companies profiled on this site.