Category: Federal Incentives, Grants & Loans
AGENCY: Government National Mortgage Association (Ginnie Mae or GNMA)
DESCRIPTION: Ginnie Mae makes affordable housing a reality for millions of low- and moderate- income households across America by channeling capital into the nation's housing markets.
• The Ginnie Mae guaranty allows mortgage lenders to obtain a better price for mortgage loans in the secondary market.
• Lenders can then use the proceeds to make new mortgage loans available.
• Ginnie Mae guarantees investors the timely payment of principal and interest on federally insured or guaranteed loans, mainly loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA).
• Other guarantors or issuers of loans eligible as collateral for Ginnie Mae include the Department of Agriculture's Rural Housing Service (RHS) and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH). CONTACT INFORMATION:
• For more information on Ginnie Mae, visit http://www.ginniemae.gov/ or call (202) 708-1535.