HORSHAM, Pa., Feb. 27 /PRNewswire/ -- GMAC Mortgage Corporation,
headquartered in Horsham, Pa., was recently allocated $1.5 million for loan
originations for Philadelphia residents by the Redevelopment Authority of the
City of Philadelphia (RDA).
    The interest rate is 6.95% with zero (0) points and is restricted to
single-home residences but is not restricted to first-time home buyers.
Eligible properties include row, single or twin homes and condominiums, up to
a maximum sale price of $170,500.  To qualify for the program, Philadelphia
residents with a family size of 1-2 persons must have 1998 income not
exceeding $63,480; or a family of 3 or more with 1998 income not exceeding
$74,060.
    Paul Fein, territory manager of Southeastern Pennsylvania for GMAC
Mortgage said, "This program is very attractive for Philadelphia residents
because the below-market interest rates, reduced fees and liberal
qualification guidelines means more people will be able to realize the dream
of home ownership."  Philadelphia residents interested in obtaining additional
information on the program may contact GMAC Mortgage at 215-682-4500.
    This is the second year GMAC Mortgage has participated in the program.
From December 16, 1996, to December 31, 1997, the company said it closed 48
loans totaling $3,443,700.
    The RDA completed two private-placement transactions totaling
$12.2 million with Fannie Mae (NYSE: FNM) to provide funding for the
authority's Single-Family Home Mortgage Revenue Bond Program and Home
Improvement Loan Program.  GMAC Mortgage will originate Single-Family Home
Mortgage Revenue Bonds 1997 Series A, B and C.

    GMAC Mortgage is a wholly owned affiliate of General Motors Acceptance
Corporation.  They are one of the nation's leading mortgage bankers, servicing
first and second mortgage loans for more than 700,000 customers and
originating loans from a nationwide retail branch network of more than 200
offices.

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