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
The quality of life enjoyed by a person depending on factors such as spendable income, housing conditions, health and education. ...
Approach to valuing property based on its replacement cost. The cost of each major element of the property per square foot is added together and multiplied by the total space to estimate ...
Land development planning model theorizing that an urban area grows in rings expanding out from the central business district. The second ring is a shifting area having manufacturing and ...
Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...
Residence units owned by the government and available to low income families at a nominal cost. ...
Circumstance where no people or contents occupy or are kept in a building for at least 60 consecutive days. The same stipulations apply to property coverages as found in unoccupancy. ...
Written statement of the lender that the buyer of real estate has paid-off the entire mortgage. ...
Founded in 1857 and located in Washington, DC, with over 54,000 members, throughout the United States, the AIA has 301 local groups in all 50 states. ...
Document between two or more parties indicating a need to take or not take a previous action taking place. For example, a bank may commit to make a loan dependent on a satisfactory credit ...
Have a question or comment?
We're here to help.