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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/