gmac ally financialGMAC (now Ally Financial), headquartered in Detroit, Michigan, has been offering a variety of banking services including auto loans since 1919.

Personalized GMAC Mortgage Options:
“HomeStretch Plan” – An FHA fixed rate mortgage with a silent second to cover down payment and/or closing costs. Second mortgage does not require payment if you remain in the home for specified term and maintain a good payment history.

“Solutions” – A mortgage program that expands the loan ratios and loan amounts beyond underwriting guidelines. Also available to borrowers with “less than perfect credit.”

“Pathways” – A fixed rate mortgage that features waived cash reserves for those with little cash available.

“The Borrower’s Advantage” – A fixed rate mortgage that allows closing costs to be financed in to the loan amount.

“Settle America” – A fixed rate mortgage that allows lower down payments and flexible residency requirements.

Basic GMAC Mortgage Programs:
Fixed Rate Mortgage – A mortgage where the principal and interest payments remain the same throughout the life of the loan. Available with a variety of terms.

The Adjustable Rate Mortgage (ARM) – A mortgage that may adjust up or down throughout the term depending on market conditions. Available with a variety of terms and adjustment periods.

The Balloon Mortgage – A mortgage with principal and interest payments that do not fully repay the loan. The balance is due at the end of the balloon term. Available with a variety of terms.

First-Time Buyer/Affordable Housing Mortgages – A group of mortgage programs created to help first-time buyers and/or those with low- to moderate-income. Available with a variety of terms.

New Construction Mortgages – A mortgage for those who are buying new construction. Available programs include fixed and adjustable with a variety of terms.

InterestFirst Mortgage – A mortgage with “interest only” payments for the first years of the loan. Monthly payments adjust midway to cover principal and interest for the remaining term.

GMAC Mortgage Government Programs:
FHA – Available programs include adjustable and fixed rates with a variety of terms. The Federal Housing Administration guarantees the mortgage.

VA – Available as a fixed rate program, this mortgage is guaranteed by the Veterans Administration to U.S. military veterans who qualify.

Home Equity Line of Credit – A second mortgage line of credit that can be opened based on the equity in your property. Payments are not required until the money is used and are based on the amount of line that is drawn.

Home Equity Loan – A second mortgage loan based on the amount of equity in your property. Payments are fixed throughout the GMAC loan term and are made on a monthly basis.

Back to the top of GMAC.