Family First by GMAC Launches Mid-Year Product Offering

Troy, MI -- Family First by GMAC is pleased to announce its mid-year product offering which features special products and services for GM employees. Qualified members of the GM Family and their eligible family members are eligible to receive closing cost reductions of $500 or a 1/8 percent interest rate reduction on most home purchase or refinance loans. Additionally, home equity lines of credit are now available at 1.00% below prime rate for six months. GMAC Mortgage also offers a 100% home loan program with no down payment needed. Qualified homebuyers will now be able to obtain financing for loan amounts up to $325,000.

 

 

GM Family members, including GM dealers and dealership employees, can also enjoy a wide array of personalized mortgage and moving services from Family First by GMAC. GMAC Home Services will continue its cash back offer on a home sale or purchase through their nationwide affiliated network of real estate brokers. GM Family members who register in advance with a Family First personal move consultant are eligible to receive a cash award of $4.00 for every $1,000.00 of the purchase price.

"We are pleased to be able to offer this special money-saving program designed exclusively for members of the GM Family and their eligible family members," said Greg Sugg, senior vice president and general manager, GM Family Enterprise Group. "Whether it's a first home, vacation home, or retirement home, Family First by GMAC can help navigate every step of home ownership with ease."

Personalized real estate and moving services make home ownership easy. GM Family members can also enjoy a wide array of home services from Family First. Personalized real estate and moving services offered through GMAC Home Services include:

  • Personal Move Consultant - Personal move consultants are available to help identify and select qualified real estate and moving professionals and provide knowledgeable answers to questions about the moving process.
  • Discounts on Moving Companies - Choose from a group of national moving companies and receive discounts on moving supplies and services.
  • Cash Back - GMAC Home Services has a cash back offer on a home sale or purchase through their nationwide affiliated network of real estate brokers. Register in advance with a Family First personal move consultant and receive a cash award of $4.00 for every $1,000 of the purchase price.

Special features of the Family First home loan program include:

  • No Fee Credit Pre-Approval Decisions Within One Business Day - Mortgage credit decisions at no cost in as little as one business day allow homebuyers to go house-hunting with real bargaining power.
  • Appraisal Waiver Option - Depending on the down payment and loan program, GMAC Mortgage may be able to waive the property appraisal requirement.
  • SmartPayment Options - Four great time and money-saving options make the mortgage payment process easy for GM
  • Family members, including a convenient payroll deduction option for eligible GM and Delphi employees.
  • Retained Loan Servicing - It's the policy of GMAC Mortgage to retain the servicing rights on loans made to GM Family members.
  • On-line Delivery of Mortgage Services - Our new website gmfamilyfirst.com offers the convenience of an on-line application and provides an account access feature for current customers.
  • Solutions - Borrowers with less than perfect credit may be able to choose an alternative lending program to provide expanded home financing choices.

"Family First by GMAC is committed to serving the GM Family with speed, convenience, and special savings to help them fulfill their homeownership dreams," stated Sugg.

Family First by GMAC recently launched a new website with enhanced navigation features and expanded content on GMAC products and services. GMAC products offered through the website include home mortgages, real estate, moving services, auto and homeowner's insurance, Demand Notes and Smart Notes.

For more information on the special features and services of the Family First program, or the GM Family First web site call 1-800-964-GMAC or visit us on the Web at www.gmfamilyfirst.com.

Eligible participants for Family First include regular active and retired GM and subsidiary employees. Delphi, EDS, and GM dealership employees are also eligible for the Family First program. Additionally, these employees can sponsor their children, parents, stepparents, siblings (including full, half and step siblings), stepchildren, mother and father-in-law, sons and daughter-in-law and brothers and sisters-in-law.