FHA Guidelines

gmac mortgage credit score  2012

GMAC Insurance uses credit to determine your auto insurance quote, as do most carriers. According to a recent survey by Conning & Co., a Hartford, Connecticut-based insurance research firm, 92 percent of all insurance companies use credit information when underwriting new policies. It is important to note that a credit score is just one of several underwriting tools GMAC Insurance considers when determining rates; we also consider rating variables such as driving record, type of vehicle, where you live, your gender, your age, and other factors.

Here are some problems needing attention  :

1 Ensure your credit standing is healthy. Request a credit report from any reporting agency. You are entitled to one credit report every 12 months from any one of the three credit agencies: Equifax (www.equifax.com); Hyperian (experian.com/consumer.com) and TransUnion (transunion.com).

2 Review your credit report. A good credit score is important. Scores generally range from 500 to 850; a good score is 750 and up and increases your chances of being granted a mortgage.

3 Check for errors in your credit report. File a request in writing for these errors to be rectified immediately.

4 Visit the GMAC Mortgage web site. This brings you to the page where you can fill out a credit pre-approval application. If you prefer to speak to someone, call the GMAC Mortgage 24/7 line at: 1-877-355-4622.

5 Provide all information requested on the credit pre-approval form: name, Social Security Number, email address, day and evening phone numbers (the best time to call you) and your home address. Give the name of your co-borrower, if applicable. Indicate how soon you wish to purchase your home. Complete the application by filling in your annual income, total assets, down payment amount and your total monthly debt payments. These influence GMAC’s decision on whether or not to grant you a mortgage loan.

6 Convince the loan officer that you can afford to repay the loan by having sufficient assets to back you up, making a reasonable down payment and not over-extending your lines of credit.

7 Wait for someone from GMAC to call you. Applicants usually receive a reply from two to seven days. If you have not heard anything, follow-up by calling GMAC Customer Service at 1-800-200-4622.

General Motors Acceptance Corporation (GMAC) is the financing services division of General Motors, one of the world’s largest vehicle manufacturers. Financial services include vehicle, insurance and mortgage programs in about 40 countries. This means that individuals looking to buy a home are not necessarily limited to banks and credit unions if they need a mortgage loan. Provided they meet the criteria for acceptance, they can qualify for a GMAC mortgage.

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