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Ginnie Mae I vs. Ginnie Mae II
|
Ginnie Mae I MBS |
Ginnie Mae II MBS |
Issuer |
Ginnie Mae-approved Mortgage Lender (Single-Issuers) |
Ginnie Mae-approved Mortgage Lender (Single-Issuers) |
Underlying Mortgages |
Government-insured and -guaranteed Loans (FHA, VA, RD, PIH) |
Government-insured and -guaranteed Loans (FHA, VA, RD, PIH) |
Pool Types |
Single-Family Level-Payment Mortgage
Single-Family Graduated Payment Mortgage
Single-Family Growing Equity Mortgage
Single-Family Buydown Mortgage
Manufactured Housing
Serial Notes
Multifamily Construction Loan
Multifamily Project Loan |
Single-Family Level-Payment Mortgage
Single-Family Graduated Payment Mortgage
Single-Family Growing Equity Mortgage
Single-Family Adjustable Rate Mortgage
Manufactured Housing
Buydown Mortgages
|
Interest Rate on Underlying Mortgages |
All mortgages in a pool have the same interest rate (except manufactured housing pools) |
Mortgages in a pool may have interest rates that range from 25 to 75 basis points
|
Guaranty |
Timely payment of principal and interest |
Timely payment of principal and interest |
Guarantor |
Ginnie Mae |
Ginnie Mae |
Principal and Interest |
Paid monthly to securities holders |
Paid monthly to securities holders |
Payment Date |
15th of the month |
20th of the month |
Record Date |
Final day of the month before payment |
Final day of the month before payment |
Maturity |
Maximum 30 years for Single-Family; 40 years for Multifamily |
Maximum 30 years
|
Minimum Certificate Size |
$25,000; $1 increments |
$25,000; $1 increments |
Minimum Pool Size |
$1,000,000 (Single-Family);
$25,000 (Multifamily) |
$250,000-$1,000,000 depending on pool type |
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Last Modified: 10/14/2020 6:19 PM