Ginnie Mae is set to introduce a new 40-year mortgage term for its issuers on the heels of administrative shake ups at the top of the housing industry.
Only loans with terms greater than 361 months and less than or equal to 480 months will be accepted, but there will be no loan amount restriction, Ginnie Mae said. The mortgage-bond giant said it expects the new pool to be available in October.
The pool must also be authorized by the Federal Housing Agency and other agencies whose programs are the basis for loans through Ginnie Mae, said Michael Drayne, Ginnie details ⇒
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