Ginnie Mae
Definition of "Ginnie Mae"
Looking to understand what is Ginnie Mae? You’ve been hearing about it and knows not what it means. Let us help with the most succinct Ginnie Mae definition possible: Ginnie Mae is the Government National Mortgage Association (GNMA). It’s basically the phonetic sound of the initials. Say “GNMA” quickly and you get the “Ginnie Mae” sound.
The mission of Ginnie Mae is to fund high-risk mortgages for high-risk borrowers that are typically located in areas approved for government construction projects that have no other funding sources. The government body also offers guarantee mortgages issued by others, such as commercial banks, mortgage banks, and insurers.
You can’t tell Ginnie Mae’s history without talking about Fannie Mae. Ginnie Mae is almost like a younger sister or spiritual daughter of Fannie Mae. Here’s the timeline: Fannie Mae was founded in the 1930’s as a fully government-owned company, then became a mixed-ownership company, and then, in 1968, when it came time to go full private sector, the Government thought it was important to conserve a similar federal operation, thus spawning Ginnie Mae and making it part of the Department of Housing and Urban Development (HUD) in order to expand affordable housing finance. Ginnie Mae is the primary financing mechanism for all mortgage loans that are government-insured.
Don’t know if you qualify for Ginnie Mae and this whole names-galore – yes, because we didn’t even bring up the Freddie Mac definition to make it simple – is it making you confused? Reach out to a real estate agent and let him (or her!) point out the best direction for your case.
Popular Real Estate Terms
Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...
Ownership in property by two or more persons at the same time. ...
receiving something such as a cash payment. Written statement that something has been received such as cash, real property, or documents. The purchaser should always get a receipt. An ...
Mortgage for residential property. ...
Allocating common or central costs to each unit of property. An example is assigning to each owner of an apartment based on the number of rooms occupied the cost incurred by the landlord to ...
You may have heard the term codicil in a conversation but might have yet to understand it entirely. What’s the codicil definition? “Codicil meaning” refers to a supplement ...
A fiduciary intermingling a clients funds or one who is entrusted with funds and groups them with those of his own. This practice is considered a breach of a fiduciary relationship and a ...
Local governmental ordinance breaking down the country into districts that are restricted on how private property is to be constructed and used. It applies to the land and buildings. The ...
Helps in supporting a building. ...
Have a question or comment?
We're here to help.