Sixty six (66) Mortgage Loans will underlie the Ginnie Mae Multifamily Certificates. These Mortgage Loans have an aggregate balance of approximately $262,325,596 as of the Cut-off Date, after giving effect to all payments of principal due on or before that date. The Mortgage Loans have, on a weighted average basis, the other characteristics set forth in the Terms Sheet under  "Certain  Characteristics  of  the  Ginnie  Mae  Multifamily  Certificates  and  the  Related Mortgage Loans Underlying the Trust Assets" and, on an individual basis, the characteristics described in Exhibit A to this Supplement. They also have the general characteristics described below.  The  Mortgage  Loans  consist  of  first  lien  and  second  lien,  multifamily,  fixed  rate mortgage loans that are secured by a lien on the borrower's fee simple estate in a multifamily property  consisting  of  five  or  more  dwelling  units  or  nursing  facilities  and  guaranteed  by Section 538 or insured by FHA or coinsured by FHA and the related mortgage lender. See "The Ginnie Mae Multifamily Certificates – General" in the Multifamily Base Offering Circular. FHA Insurance Programs FHA multifamily insurance programs generally are designed to assist private and public mortgagors in obtaining financing for the construction, purchase or rehabilitation of multifam- ily housing pursuant to the National Housing Act of 1934 (the "Housing Act"). Mortgage Loans are provided by FHA-approved institutions, which include mortgage banks, commercial banks, savings and loan associations, trust companies, insurance companies, pension funds, state and local housing finance agencies and certain other approved entities. Mortgage Loans insured under the programs described below will have such maturities and amortization features as FHA may approve, provided that generally the minimum mortgage loan term will be at least ten years and the maximum mortgage loan term will not exceed the lesser of 40 years and 75 percent of the estimated remaining economic life of the improvements on the mortgaged property. Tenant eligibility for FHA-insured projects generally is not restricted by income, except for projects as to which rental subsidies are made available with respect to some or all the units therein or to specified tenants. The  following  is  a  summary  of  the  various  FHA  insurance  programs  under  which  the Mortgage Loans are insured. Section 207 (Mortgage Insurance for Multifamily Housing). Section 207 of the Housing Act provides for federal insurance of mortgage loans originated by FHA-approved lenders in connection with the construction or substantial rehabilitation of multifamily housing projects, which includes manufactured home parks. Section  220  (Urban  Renewal  Mortgage  Insurance). Section  220  of  the  Housing  Act provides  for  federal  insurance  of  mortgage  loans  on  multifamily  rental  projects  located  in federally aided urban renewal areas or in areas having a local redevelopment or urban renewal plan  certified  by  the  FHA.  The  mortgage  loans  may  finance  the  rehabilitation  of  existing salvable housing (including the refinancing of existing loans) or new construction in targeted areas. The purpose of Section 220 is to encourage quality rental housing in urban areas targeted for overall revitalization. Section  221(d)(4)  (Housing  for  Moderate  Income  and  Displaced  Families). Sec- tion 221(d)(4) of the Housing Act provides for mortgage insurance to assist private industry in the construction or substantial rehabilitation of rental and cooperative housing for low- and moderate-income families and families that have been displaced as a result of urban renewal, governmental actions or disaster. Section 223(a)(7) (Refinancing of FHA-Insured Mortgages). Section 223(a)(7) of the Housing Act permits FHA to refinance existing insured mortgage loans under any section or S-10