GMAC Mortgage company is who that man pays to. For example GMAC could be the owner of the property, the man rents the property, and he rents it out to your mother at a higher cost for profit. Yes this is available in Arizona, particularly now that the mortgage companies are desparate for business. You want them to prequalify you based on your income, credit and obligations, and they can tell you what you can afford. They will also tell you whether your credit is good enough to qualify for an FHA loan or another low or no downpayment program. VA also offers such things, but youve got to be a qualifying veteran for that. Then you can take that information and make decisions on what kind of home you want and what you can afford. Second homes are considered primary residences as per Fannie Mae, as long as you are more than 50 miles away, which obviously you are.

Where you get into an issue is the interest rate. Investors really do not like them a whole lot and hit you in the rate. Be careful, and compare your Good Faith Estimate with your Truth in Lending. That will tell you what they are really charging for the mortgage. Truth in Lending and compare it to your actual loan amount. The difference between the APR and the Interest Rate is that of what it is REALLY costing you annually to pay on this loan. GMAC, GE are international also Kensington, Rainbow Home Loans etc are UK companies that spring to mind. UK then it is good to know that the mortgage industry is bnow governed by the FSA rather than the mortgage code so you should only get the best advice.