Safe and affordable rental housing is essential for millions of individuals and families. Since the creation of the program in 1971, the organization has guaranteed more than $197.6 billion in multifamily mortgage-backed securities, financing more than 2.1 million multifamily (5 or more units) housing units.
Ginnie Mae’s mission of supporting affordable housing and promoting stable communities extends to ensuring that decent rental units remain accessible. A critical part of that effort is facilitating the construction and renovation of multifamily housing such as apartment buildings, hospitals, nursing homes, assisted-living facilities, and other housing options. By guaranteeing pools of multifamily loans that are sold to investors in the global capital markets, Ginnie Mae enables lenders to reduce mortgage interest rates paid by property owners and developers. In addition, these projects stabilize and bring jobs to communities across the country.
At the end of Fiscal Year (FY) 2013, Ginnie Mae guaranteed securities that contained 99.5 percent of eligible multifamily FHA insured loans. The Multifamily Program portfolio increased by 18 percent ($12.4 billion), from $67.4 billion at the end of FY 2012, to $79.8 billion at the end of FY 2013 marking 19 years of consecutive growth.
In addition, Ginnie Mae’s portfolio of Multifamily Rural Development (RD) loans grew in FY 2013 to an outstanding principal balance of $577.6 million at fiscal year end. These loans are guaranteed through the U.S. Department of Agriculture’s (USDA) RD program. The number of Multifamily RD programs became more diverse in FY 2013 than in previous years as new Issuers entered the program. There were RD loans from eight Issuers in 44 states in Ginnie Mae pools by the end of FY 2013.
Unlike other entities, Ginnie Mae does not originate or invest in mortgage loans directly. Rather, Ginnie Mae is the guarantor of securities issued by approved lenders who participate in our programs.
To access the Multifamily Program Frequently Asked Questions (FAQ's) page, please click here.