New Mortgage Makes Homes More Affordable
(NAPSI)-The house of your dreams may
become a reality sooner than you think, thanks to an exciting new
mortgage plan that removes the greatest obstacle to home ownership-the
high down payment, closing and other upfront costs associated with
buying a home.
Available nationwide, the new HomeStretch™
plan allows consumers to purchase a home and begin building equity
before they have accumulated the savings necessary for down payment and
closing costs. What's more, it allows the homebuyer to immediately use
existing savings for needed home improvements-great if you're looking
for a lower-cost "fixer-upper."
Ideal for lower or middle-income, first
time or move-up homebuyers, this new FHA fixed rate mortgage program
offers qualified homebuyers an additional four percent HomeStretch loan
from GMAC Mortgage. The loan covers the traditional down payment
required by the FHA and some closing costs. If the consumer stays in the
home for ten years, the HomeStretch loan is forgiven. In most areas,
homebuyers with a household income up to 150 percent of the area median
can take advantage of the plan.
A HomeStretch loan helps consumers take
advantage of current, low interest rates by providing the essential
funding for up-front costs that have been driven skyward by rising home
values. "We are very excited to offer the HomeStretch plan as a solution
for many Americans who want to purchase a home but may feel intimidated
by high down payment requirements," says Ralph Hall, Chief Operating
Officer, GMAC. "This is the first national mortgage program of its kind.
It has already helped many Americans into their first homes."
To learn more about the HomeStretch
plan, call 1-800-888-GMAC.
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