GMAC Mortgage Launches BuilderPower Program to Make Purchasing a Newly Constructed Home More Accessible
12 November 2003 - 2:00PM
PR Newswire (US)
GMAC Mortgage Launches BuilderPower Program to Make Purchasing a
Newly Constructed Home More Accessible Program Provides Borrowers
With Innovative Financing Options and Support From Specialized GMAC
Mortgage Loan Officers HORSHAM, Pa., Nov. 12 /PRNewswire/ -- GMAC
Mortgage, a top-ten residential mortgage servicer and originator,
today announced the launch of the BuilderPower program to make
purchasing a newly constructed home more accessible to a wide range
of homebuyers. BuilderPower is the newest example of GMAC
Mortgage's continued commitment to helping homebuyers better manage
the investment they make in their homes through innovative
financing products and streamlining the financing process for
borrowers who desire a newly constructed home. Through the
BuilderPower program, GMAC Mortgage loan officers, specially
trained under the BuilderPower program, are paired with local area
builders. These loan officers create a customized product suite of
home financing solutions designed to meet the unique purchasing
needs of each builder's clientele, whether they are purchasing an
apartment conversion, condominium, custom home or other type of new
construction. The BuilderPower program contains a variety of
products for FHA borrowers through those needing jumbo loan
products. Homebuyers are able to work with their builder's
dedicated GMAC Mortgage loan officer to apply for a mortgage for
the home they are purchasing, making the financing process more
convenient for the borrower. "Through BuilderPower, GMAC Mortgage
can help make purchasing a newly constructed home more accessible
to a wide range of homebuyers through unique financing products,"
said John Brawner, Director, National Builder Division, GMAC
Mortgage. "Borrowers are able to better manage the investment they
make in their new homes using down payment assistance products,
home equity products, and higher loan to value products, for
example. Borrowers also gain peace of mind from working with a loan
officer that is intimately familiar with their type of home
purchase, local market and financing needs." Benefits for borrowers
* Forward commitments allow builders to reserve funds with a
maximum interest rate and point cap for up to 12 months, protecting
their clients from rate increases during the construction and
closing period * Buy-down options allow the homebuyer to benefit
from reduced mortgage payments for up to two years -- affording
them extra cash flow for home improvements or to adjust to making
mortgage payments "The steady purchase market and slowdown in
refinancing makes the new home market an important area of focus
for GMAC Mortgage," said Rick Gillespie, Executive Vice President
GMAC Mortgage. "With new housing starts numbering 1.3 million in
2002, and tracking upwards by over 5 percent this year, we are
proud to provide such a unique service for home buyers who wish to
purchase a newly constructed home." Products that are frequently
included in the GMAC Mortgage BuilderPower suite include down
payment assistance programs for buyers in varying financial
positions and stages of life, as well as higher loan to value and
traditional fixed and adjustable-rate products. Examples of GMAC
Mortgage loan programs often included in the BuilderPower product
suite are the popular HomeStretch, HomeStrength, and Borrower's
Advantage. About GMAC Mortgage GMAC Mortgage Corporation,
headquartered in Horsham, Pa., is among the nation's top-ten
residential mortgage servicers and originators. The company
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, ditech.com and
CalDirect. GMAC Mortgage also offers custom mortgage services to GM
employees and their family members, retirees and dealers through
the GM Family First program. As of December 2002, GMAC Mortgage
originated $70 billion in residential mortgages, representing
553,994 transactions. The company's servicing portfolio of more
than $198 billion represents 2 million customers throughout the
nation. GMAC Mortgage is an Equal Opportunity Lender. DATASOURCE:
GMAC Mortgage CONTACT: Abby Aylman of Financial Dynamics,
+1-212-850-5710; or Erica Stoddard of GMAC Mortgage,
+1-248-273-0813 Web site: http://media.gm.com/ http://www.gm.com/
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