GMAC Residential Holding Corporation is the parent company to three primary business units: GMAC Mortgage Corporation, GMAC Home Services, Inc. and GMAC Bank. GMAC Mortgage Corporation is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC), one of the largest financial services companies in the world. Headquartered in Horsham, Pa., GMAC Mortgage is one of the largest residential mortgage servicers in the nation.

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GMAC Mortgage Special Features

• Exclusive Zero Down Options
  GMAC's HomeStrength Plan offers a no down payment option and provide you funds to use for the down payment and/or closing costs. This programs work best if you plan to stay in the home for at least 10 years.

• Basic Zero Down Options
  GMAC Mortgage offers several standard alternatives for borrowers who do not have a down payment saved, such as the Flexible, Alternative, Flexible 7/1 ARM and Community 100. Please note that these plans may require borrowers to have at least $500 available in reserves for closing costs. If you're short on cash, and have excellent credit, consider The Borrower's Advantage. The program allows you to finance up to 100% of the purchase price of a home. Or, you may want to consider the Homeflex Plan that offers the option to take out a home equity loan at the same time as your first mortgage to cover the down payment. This option is sometimes referred to as an 80/20 mortgage. If you are a Veteran, The VA Home Loan Program allows you to buy a home with no money down.

• Low Down Options
  GMAC Mortgage offers a variety of low down payment and affordable housing programs such as The Community Homebuyer's Program that may help you move into a home now. For as little as $500* down, you may be able to buy a home under the The Pathways Program. Or, government programs, such as FHA Loan Program may be the option for you. These programs work best if you have a smaller amount available for a down payment.

• Special Needs Options
  GMAC offers a variety of programs for those with special financing needs. If you are new to the United States, have a limited work/credit history, or want to use rental income received from boarders, Settle America may work best for you. If you're self-employed and want to apply for financing without verifying income or assets, consider The Expressway Program. If you have less than perfect credit, or are buying a property that falls outside of traditional guidelines, ask about our Solutions Program. If you're looking for the lowest possible monthly payment, and plan a shorter stay in the home of 15 years or less, you may want to consider the Interest First Plan. For a slightly higher interest rate, the plan can reduce our monthly payment, increase your tax savings and help control your cash flow. Perhaps you're in the market for something a little more innovative. GMAC Mortgage's BuyLine Loan is a home equity credit line that acts as a first mortgage, but offers more benefits.

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GMAC Mortgage Loan Choices

• The Basics: Fixed Rate, Adjustable Rate and Balloon Options
  If you have some cash saved for a down payment, a fixed rate mortgage may work best for you. With it, you'll have the peace of mind knowing your principal and interest payment will remain the same throughout the life of the loan. This program works best if you plan to stay in the home for at least 10 years. The flexibility of an adjustable rate mortgage (ARM) helps keep your monthly payments down, and may make sense in times of higher interest rates. Balloon mortgages also offer flexibility, and help keep monthly payments low. Like ARMs, balloon mortgages may make sense in times of higher interest rates. These programs work best if you're planning a shorter stay in the home.

• Jumbo Loan Options
  If you plan to borrow a larger loan amount, you may need a non-conforming or jumbo loan. With our Jumbo Loan option, you'll have the peace of mind in knowing your principal and interest payment will remain the same throughout the loan term. There's also an adjustable rate option that could work for you if you're not planning on staying in the home for the long term. Jumbo programs are required if you need a loan amount greater than $359,650.

• Home Equity Options
  For immediate cash, consider the advantage of our Home Equity Loan. You'll enjoy a competitive interest rate, with the added security that the principal and interest is fixed throughout the loan term. Or, perhaps you should consider a Home Equity Credit Line to use, as you need it. You can open the line based on the equity available in your home so you'll have the peace of mind knowing cash is available when you need it. When you're ready to use the funds, you'll have convenient access through home equity checks.

GMAC Mortgage originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers and internet sites under the brands gmacmortgage.com and ditech.com, and GM Family First, a custom homeownership services program offered to GM employees, retirees and dealers.

 
Other GMAC Services

GMAC Mortgage and GMAC Real Estate offer a complete array of services to help you get the most out of your homeownership experience.

The GMAC Insurance Group offers a wide range of insurance coverages to individuals and businesses. The family of products includes mechanical coverage, personal lines, commercial lines, and reinsurance.

GMAC offers individual investors two investment opportunities that provide both the flexibility and competitive returns you demand: Demand Notes and SmartNotes.

Disclaimer: Fast Mortgage USA is not affiliated with GMAC Mortgage. This is a financial resource site that offers reviews of other financial companies sites and services. Our goal is to help empower the consumer so they can make the best, informed choices related to their financial decisions.