GMAC Expands Loan Guidelines

GMAC Residential Funding has announced an expansion of its mortgage loan guidelines that will allow lenders and correspondents to offer more real estate financing options.The new guidelines include increased loan amounts for home equity loans and the "alignment of our Goal Line and Goal Loan second-mortgage products with our prime first-mortgage products, making it easier to originate and sell simultaneous transactions," the Minneapolis-based company said. The guidelines also allow additional options and higher loan amounts in various documentation, occupancy, and property types under the company's AlterNet nonprime program, and expanded criteria under its Payment Option program to increase affordability, GMAC Residential said. The company can be found online at http://www.gmacrfc.com.