Offering Circular Supplement (To Base Offering Circular dated October 1, 2004) $262,279,596 Government National Mortgage Association GINNIE MAE® Guaranteed Multifamily REMIC  Pass-Through Securities Ginnie Mae REMIC Trust 2006-039 The   securities   may not be suitable invest- ments   for   you.   You should  consider  care- fully  the  risks  of  in- vesting in them. See  "Risk  Factors" beginning on page S-7 which highlights some of these risks. The Securities The Trust will issue the Classes of Securities listed on the inside front cover. The Ginnie Mae Guaranty Ginnie  Mae  will  guarantee  the  timely  payment  of  principal  and interest on the securities. The Ginnie Mae Guaranty is backed by the full faith and credit of the United States of America. Ginnie Mae does not guarantee the payment of any prepayment penalties. The Trust and its Assets The Trust will own the Ginnie Mae Multifamily Certificates de- scribed on Exhibit A. The Sponsor and the Co-Manager will offer the securities from time to time in negotiated transactions at varying prices. We expect the closing date to be August 30, 2006. You should read the Base Offering Circular for Guaranteed Multifamily REMIC Pass-Through Securities as well as this Supplement. The  securities  are  exempt  from  registration  under  the  Securities  Act  of  1933  and  are "exempted securities" under the Securities Exchange Act of 1934. Wachovia Capital Markets, LLC Myerberg & Company L.P. The date of this Offering Circular Supplement is August 23, 2006.