Ginnie Mae unveils 40-year mortgage term for issuers
Housing Wire reports that 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. The new mortgage will be limited to loans with terms greater than 361 months and less than or equal to 480 months, but there will be no loan amount restriction. Ginnie Mae said it expects the new pool to be available in October. However, the pool must also be authorized by the Federal Housing Agency and other agencies whose programs are the basis for loans through Ginnie Mae.