Ginnie Mae I Key Program Provisions
Types of mortgage pools and guaranteed securities:
- Single-family level payment mortgages
- Single-family buydown mortgages
- Single-family graduated payment mortgages
- Single-family growing equity mortgages
- Manufactured home loans
- Project construction loans, including multifamily residential, hospital, nursing home, and group practice facility loans
- Project (permanent) loans, including multifamily residential, hospital, nursing home, and group practice facility loans
A pool must consist of mortgages within one of these categories.
Refer to the Ginnie Mae MBS Guide for information about securities backed by mortgages other than single-family level-payment mortgages.
Minimum pool sizes
Single-family level-payment mortgages: $1 million (may be $25,000 if issued in connection with a local or state housing bond financing program). Pools consisting of at least one loan may be issued for a minimum of $25,000 under the bond program.
If the pool is ever traded in the secondary market, the securities must be sold with a letter stating that the underlying mortgages were a part of a mortgage revenue bond program and the security holder may experience different prepayment characteristics than is customary.
Multifamily PL-PN: $250,000
All other pools: $500,000.
Minimum certificates $25,000 per certificate ($1 thereafter)
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