GMAC Mortgage, Horsham, Pa., has announced the launch of a new program under which it partners with builders to provide loans for buyers of newly constructed homes.Participating builders reserve money for the mortgages of their clients, and can then offer a maximum interest rate and point cap for up to one year, removing some of the risk that customers face when building a home. The company touted the prospects of its new product, citing what it described as a successful pilot program started in mid-October. GMAC Mortgage can be found online at http://www.gmacmortgage.com.
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