Horsham, PA - GMAC Mortgage, a top-ten residential mortgage servicer and originator, today announced the launch of the Move In AmericaSM program designed to help novice homebuyers overcome common obstacles to homeownership. Move In America is the first of several programs from GMAC Mortgage that will provide products, services and guidance tailored to meet the needs of homebuyers in various stages of their lives. Move In America seeks to empower a new generation of homeowners by providing them with the knowledge and tools they need to understand the home financing process and to better manage the investment in their homes.
The Move In America program is a comprehensive suite of products and services specifically geared toward first-time homebuyers or buyers in their 20s and early 30s. This group is ethnically diverse; are either single or married, and may or may not have children. Typically, these homebuyers see homeownership as a lucrative investment and have a desire to build wealth, reduce debt, maintain their lifestyles and begin building for their future. This group of emerging homebuyers is likely to fuel home ownership over the next several years as the number of first- time homebuyers rises. For example, in 1999 first-time homebuyers comprised 42% of total purchases compared to 37% in 1991i.
"While this diverse group of young potential homebuyers has more options available to them than before, they still face challenges to homeownership, including a lack of understanding of the home buying process, lack of savings for a traditional cash down payment, a slightly imperfect or limited credit history, and limited monthly budget," commented Rick Gillespie, chief marketing officer, GMAC Mortgage. "GMAC Mortgage is committed to making homeownership a near-term financial reality for these and other prospective buyers."
Through Move In America, specially trained GMAC Mortgage loan officers demystify the home financing process for these borrowers, explaining terms and various mortgage products while working to find the products that meet their needs. GMAC Mortgage loan officers are available to work with borrowers in the manner that's most convenient for them, either in person at GMAC mortgage branch offices, their realtor's offices, by telephone or via the Internet. Homebuyers are supported throughout the life of their loan with information to help them manage the investment in their homes such as SmartWatch, and services to help protect their homes and families like HomeSolutions, which provides homeowners insurance, disaster mortgage protection and term life insurance.
The Move In America program features low-to-no down payment products including GMAC Mortgage's HomeStretch and HomeStrength products, non-traditional credit products such as Settle America and rate lock/cap programs. GMAC Mortgage loan officers are also well versed in other loans that often meet the needs of this group of borrowers such as 80/20 products, FHA and VA loans.
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 2003, GMAC Mortgage originated $112 billion in residential mortgages, representing 773,135 transactions. The company's servicing portfolio of more than $196 billion represents nearly 2 million customers throughout the nation.