The Government National Mortgage Association (or Ginnie Mae) is a government corporation within the U.S. Department of Housing and Urban Development (HUD). It was established in 1968 when Fannie Mae was privatized. Its mission is to expand funding for mortgages that are insured or guaranteed by other federal agencies.

Is GNMA the same as FHA?

Not just any loan comes with this airtight guarantee. Ginnie Mae MBSs are insured by the Federal Housing Administration (FHA), which typically provides mortgages for low-income and first-time home buyers, among other underserved groups.

What is the difference between GNMA and FNMA?

Straightening Out the Names

Ginnie Mae is a corporation entirely owned by the Federal Housing Administration. The GNMA is in all respects a federal government agency. Fannie Mae and Freddie Mac are nongovernment owned companies set up by federal charter.