FHA Guidelines

GMAC Special Programs For Refinancing

General Motors Acceptance Corporation isn’t just there to finance your Cadillac. Its wholly-owned subsidiary, GMAC Mortgage, is one of the biggest mortgage servicers and originators in the US. Through its retail offices throughout the country, GMAC Mortgage originates both first and second mortgages directly to customers. And it doesn’t stop there—GMAC Mortgage doesn’t just help you finance the house, they help you with the move too, with services from GMAC Global Relocation Services, a mobility management and relocation service subsidiary. At the end of 2003, GMAC Mortgage had originated $112 billion in residential mortgages.

This page discusses both the loan modification and loan refinancing programs detailed under the Obama Plan: Homeowner Help It appears that I qualify for both and I am not sure which is best for me. I just called GMAC and apparently even though the website says to call “to talk to a loan agent about refinancing your mortgage” they are still not ready and the guy Kyle that I talked to told me to call back in about three weeks. He also told me that I have to first try to refinance my loan and that I will only be eligible to modify my loan if I am unable to refinance.

Making life easy for homeowners is the mission of GMAC Mortgage. Its GMACHomeSolutions program accomplishes this in spades. This convenient program helps take the worry and hassle out of the day-to-day concerns regarding homeownership, by making it easy to find, pay for, and use products and services such as home appliance repairs, maintenance, and everything else from insurance to flooring.

GMAC goes far beyond being merely a mortgage company, it sees itself as more of a complete “homeownership” company that goes out of its way to help you to achieve the dream of homeownership, and maintain that dream once you’ve achieved it. And of course, there are benefits from financing a home from a car company; in October 2004, GMAC Mortgage announced its customer appreciation program, which gives homebuyers with GMAC mortgages $500 towards the purchase of a new car. And although anyone can apply for a GMAC Mortgage loan, if you work for GM, you may also qualify for special custom mortgage services.

Help is there for new homeowners who find the maze of paperwork involved in buying a new home a little too daunting. Its Move In America program is geared towards providing services and assistance to younger first-time homebuyers. The program, in addition to providing guidance and advice, also offers solid programs such as low- or no-down payment loan products.

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