GMAC rolls out 30-year loan for Mexican homes

LA JOLLA, Calif. -- The new political administration in Mexico is committed to continuing the flow of foreign investment into the country - including the promotion of second homes and retirement residences - and United States mortgage lenders have taken the message to market.

GMAC International Mortgage this week announced it had rolled out a 30-year, fixed-rate mortgage for Americans buying property in Mexico in addition to a "stated income" or limited documentation option for a slightly higher interest rate.

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