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A range of Ginnie Mae programs to serve a range of Issuers

Ginnie Maes are fully modified pass-through mortgage-backed securities. Even in uncertain times, pass-throughs of principal and interest from these securities provide a dependable monthly source of income.

Ginnie Mae offers two MBS products:

Ginnie Mae I MBS requires all mortgages in a pool to be the same type (e.g. single-family) and less than 48 months old. Ninety percent of the pooled mortgages backing 30-year pass-throughs must have original maturities of 20 or more years. In addition, the mortgage interest rates must all be the same and the mortgages must be issued by the same lender. The minimum pool size is $1 million; payment on Ginnie Mae I MBS is made on the 15th day of each month.

Ginnie Mae II MBS allows multiple-issuer pools to be assembled, which in turn allows for larger and more geographically dispersed pools as well as the securitization of smaller portfolios. A wider range of coupons is permitted in a Ginnie II MBS pool, and issuers are given greater flexibility on the range of fees — ranging from 25 to 75 basis points for pools issued after July 1, 2003 and 50 to 150 basis points for pools issued earlier. The minimum pool size is $250,000 for multi-lender pools and $1 million for single-lender pools. Ginnie II MBS payment is made on the 20th day of each month.

Ginnie Mae I versus Ginnie Mae II Features

 

Multifamily Program

Affordable housing includes more than homeownership. Ginnie Mae helps thousands of low- and moderate-income Americans to gain affordable housing each year. A critical part of that effort is facilitating the construction and renovation of multifamily housing such as apartment buildings, nursing homes and assisted-living facilities. Ginnie Mae's multifamily program was created in 1971 to meet the growing demand for these types of housing.

Ginnie Mae's multifamily program has an accomplished record. Since its inception, the organization has guaranteed more than $65 billion in multifamily mortgage-backed securities, financing more than 1.4 million multifamily housing units. This year, the multifamily portfolio has experienced its second record year of growth; issuances increased from $7.9 billion in Fiscal Year 2002 to $9.3 billion in Fiscal Year 2003, an increase of 17.7 percent. In Fiscal Year 2003, Ginnie Mae securitized more than 91 percent of eligible FHA multifamily mortgages.

 

Adjustable Rate Mortgage-Backed Securities

The Ginnie Mae Adjustable Rate mortgage-backed securities (ARM) program provides a standardized program for pooling ARMs to access capital markets. This program offers investors the benefit of an adjusted interest rate coupled with the safety and liquidity of a government guaranteed investment.

Ginnie Mae offers programs to accommodate the standard FHA and VA 1-year ARM, as well as the 3, 5, 7, and 10-year Hybrid ARMs.

 
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