Offering Circular Supplement
(To Base Offering Circular dated October 1, 2004)
$394,688,482
Government National Mortgage Association
GINNIE MAE®
Guaranteed Multifamily REMIC Pass-Through Securities
Ginnie Mae REMIC Trust 2007-039
The Trust and its Assets
The Securities
The Trust will issue the Classes of
Securities listed on the front cover
of this offering circular
supplement.
The Ginnie Mae Guaranty
Ginnie Mae will guarantee the
timely payment of principal and
interest on the securities. The Gin-
nie 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 will own (1) the Ginnie
Mae Multifamily Certificates de-
scribed on Exhibit A and (2) cer-
tain previously issued multifamily
certificates described in Exhibits B,
C and D.
The securities may not be suitable investments for you. You should consider carefully the risks of investing in
them.
See "Risk Factors" beginning on page S-8 which highlights some of these risks.
The Sponsor and the Co-Sponsor will offer the securities from time to time in negotiated transactions at varying prices. We
expect the closing date to be June 28, 2007.
You should read the Base Offering Circular for Guaranteed Multifamily REMIC Pass-Through Securities, Chapter 32 of the
Ginnie Mae Mortgage-Backed Securities Guide 5500.3, as amended, and 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.
Class of
REMIC Securities
Original
Principal
Balance(1)
Interest
Rate
Principal
Type(2)
Interest
Type(2)
CUSIP
Number
Final
Distribution
Date(3)
Security Group 1
AB .................................. $ 29,900,000
1.500%
SEQ
FIX
38373ME63
July 2024
AC ..................................
52,400,000
3.506
SEQ
FIX
38373ME71
July 2024
BC ..................................
16,883,287
(4)
SEQ
WAC/DLY
38373ME89
March 2030
BD ..................................
5,000,000
(4)
SEQ
WAC/DLY
38373ME97
March 2030
C......................................
53,900,000
(4)
SEQ
WAC/DLY
38373MF21 August 2035
D ....................................
50,500,000
(4)
SEQ
WAC/DLY
38373MF39 August 2039
E......................................
45,000,000
(4)
SEQ
WAC/DLY
38373MF47 August 2044
F ......................................
33,039,256
(4)
SEQ
WAC/DLY
38373MF54 August 2044
Z......................................
7,800,000
(4)
SEQ
WAC/Z/DLY
38373MF62 January 2048
IO ..................................
294,422,543
(4)
NTL (PT) WAC/IO/DLY 38373MF70 January 2048
Security Group 2
MA ................................
33,750,000
(4)
SC/SEQ
WAC/DLY
38373MF88
April 2039
MB ................................
45,000,000
(4)
SC/SEQ
WAC/DLY
38373MF96
April 2039
MC ................................
21,515,939
(4)
SC/SEQ
WAC/DLY
38373MG20
April 2039
Residual
RR ................................
0
0.0
NPR
NPR
38373MG38 January 2048
(1) Subject to increase as described under "Increase in Size" in this Supplement. The amount
shown for the Notional Class (indicated by "NTL" under Principal Type) is its original Class
Notional Balance and does not represent principal that will be paid.
(2) As defined under "Class Types" in Appendix I to the Base Offering Circular. The type of Class
with which the Class Notional Balance of the Notional Class will be reduced is indicated in
parentheses.
(3) See "Yield, Maturity and Prepayment Considerations – Final Distribution Date" in this
Supplement.
(4) See "Terms Sheet – Interest Rates" in this Supplement.
Banc of America Securities LLC
Myerberg and Company L.P.
The date of this Offering Circular Supplement is June 21, 2007.
