FHA and VA Loans
Ginnie Mae, formerly known as the Government National
Mortgage Association, is a wholly owned government agency. They are
a
division of HUD, fully known as the Department of Housing and Urban
Development, and are organized as a corporation with no capital
stock, unlike Fannie Mae.
They specialize in special assistance programs and guarantees
mortgage-backed securities (MBS's) using FHA and VA loans as collateral.
They provide millions of dollars worth of financing to low- and
moderate-income households.
How it Works
As the purchaser, you must first negotiate the terms
of the sale with the seller. Once the final terms of your contract are
agreed upon,
you need to Finalize Your Loan application with your lender. The lender
will respond with a Good Faith Estimate, generally within three
days of receiving your finalized loan application. This estimate will
be sure to include all finance charges and including but not necessary
limited to your closing costs.
How To Apply
To apply for a loan, you will need to contact a lender
who can process Ginnie Mae Loans:
Ginnie Mae
Corporate Headquarters
Physical Location:
Potomac Center South
550 12th Street, SW, Third Floor
Washington, DC 20024
(202) 708-1535
Visit:
Ginnie Mae Web site
Mailing Address:
Ginnie Mae
451 7th Street, SW, Room B-133
Washington, DC 20410
(202) 708-1535
Ginnie Mae's Office of Capital Markets:
(202) 401-8970
Ginnie Mae offers solutions for home buyers. Therefore, whether you
are looking for your first
mortgage or refinancing they have
resources to suit your needs.
A Real's Estate agent's understanding of the Real Estate market and
its trends is key to a quick sale with top returns. In general, even though market conditions vary, the longer
your home stays on the market the less value you're liable to rip
from it!
