U.S.

Department of Housing
Prospectus and Urban Development
Ginnie Mae I Government National Mortgage Association

Construction and Permanent

Loan Securities

Estimated Amount $
% Ginnie Mae I Mortgage-Backed Securities
(Construction Loan Securities)
To Be Redeemed By
% Ginnie Mae I Mortgage-Backed Securities
(Permanent Project Loan Securities)
Guaranteed as to the Timely Payment of Principal and Interest
by the Government National Mortgage Association
(Backed by the Full Faith and Credit of the United States)

The securities offered pursuant to this prospectus (the “Securities”) are based on and backed by a
loan insured under FHA or guaranteed under RD Section (the “Loan”). The Loan is a
construction loan that will be automatically converted into a permanent project loan at the time it
is finally endorsed for insurance by the Federal Housing Administration (“FHA”), or it is issued
a conversion letter to the Loan Note Guarantee by the USDA Rural Development (“RD”). As of
the first day of the month following the conversion, the Construction Loan Securities will be
canceled, and the Permanent Project Loan Securities will be issued.
Issued by:
Ginnie Mae Pool No. (Construction Loan Securities): Ginnie Mae Pool No. (Permanent Project Loan Securities):

Issue Date: First Interest Payment Due:

Maturity Date (Construction Loan Securities): Maturity Date (Permanent Project Loan Securities):

Depository: Transfer Agent:

The Federal Reserve Bank of New York
Information concerning the project and the payment terms (including prepayment penalties, if any) of the
Mortgage on which the Securities are based is set forth in “Annex — Special Disclosure.”

The Construction Loan Securities provide for timely payment of interest at the specified rate
until the Construction Loan Securities mature. The Issuer is obligated to commence payments of
interest on the Construction Loan Securities by the fifteenth calendar day of the month following
the month of issue, except as stated below, and to continue such payments every month
thereafter over the life of the Construction Loan Securities, whether or not such interest is
collected by the Issuer.

The Permanent Project Loan Securities provide for timely payment of interest at the specified
rate and scheduled installments of principal. The Issuer is obligated to commence payments of
interest and any scheduled installments of principal on the Permanent Project Loan Securities by
the fifteenth calendar day of the second month following the final endorsement of the permanent

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project loan for insurance by FHA, or issuance of the conversion letter to the Loan Note
Guarantee by RD, and to continue such payments every month thereafter over the remaining life
of the Mortgage, whether or not such interest and principal are collected by the Issuer.
Scheduled installments of principal will become payable as provided herein under “Payments of
Principal and Interest.” See “Maturity, Prepayment, and Yield” herein for a discussion of certain
significant factors that should be considered by prospective investors in the Securities offered
hereby.

The Government National Mortgage Association (“Ginnie Mae”) guarantees the timely payment
of principal and interest on the Construction Loan Securities and principal and interest on the
Permanent Project Loan Securities. The Ginnie Mae guaranty is backed by the full faith and
credit of the United States of America.

The Securities are exempt from the registration requirements of the Securities Act of 1933, as
amended, and are “exempted securities” within the meaning of the Securities Exchange Act of
1934, as amended.

Ginnie Mae Guaranty

Ginnie Mae is a wholly-owned corporate instrumentality of the United States of America within
the Department of Housing and Urban Development with its principal office at 451 Seventh
Street, S.W., Washington, D.C. 20410. Timely payment of principal of and interest on the
Securities is guaranteed by Ginnie Mae pursuant to Section 306(g) of the National Housing Act
of 1934, as amended (the “National Housing Act”). Section 306(g) provides that “[t]he full faith
and credit of the United States is pledged to the payment of all amounts which may be required
to be paid under any guaranty under this subsection.” An opinion, dated December 9, 1969, of
William H. Rehnquist, Assistant Attorney General of the United States, states that such
guaranties under Section 306(g) of mortgage-backed securities of the type offered hereby are
authorized to be made by Ginnie Mae and “would constitute general obligations of the United
States backed by its full faith and credit.”

Borrowing Authority–United States Treasury

Ginnie Mae, in its corporate capacity under Section 306(d) of the National Housing Act, may
issue to the United States Treasury its general obligations in an amount outstanding at any one
time sufficient to enable Ginnie Mae, with no limitations as to amount, to perform its obligations
under its guaranty of the timely payment of the principal of and interest on the Securities offered
hereby. The Treasury is authorized to purchase any obligations so issued.

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The Treasury Department has indicated that it will make loans to Ginnie Mae, if needed, to
implement the aforementioned guaranty as stated in the following letter:

The Secretary of the Treasury

Washington
February 13, 1970
Dear Mr. Secretary:

I wish to refer to your letter of November 14, 1969 asking whether the timely payment of principal and
interest on mortgage-backed securities of the pass-through type guaranteed by the Government National Mortgage
Association under Section 306(g) of the National Housing Act under its management and liquidating function is a
function for which the Association may properly borrow from the Treasury.

It is the opinion of the Treasury Department that the Association may properly borrow from the Treasury
for the purpose of assuring the timely payment of principal and interest on guaranteed pass-through type mortgage-
backed securities as described in Chapter 3 paragraph 6 of the Mortgage-Backed Securities Guide dated December
1969. Accordingly, the Treasury will make loans to the Association for the foregoing purposes under the procedure
provided in subsection (d) of Section 306 of Title III of the National Housing Act.

Sincerely,
DAVID M. KENNEDY
The Honorable George Romney
Secretary of the Department of
Housing and Urban Development
Washington, D.C. 20410

Increases

At any time prior to final endorsement of the Mortgage by FHA, or issuance of the conversion
letter to the Loan Note Guarantee by RD, the original principal amount of the Mortgage is
subject to reasonable increase because of a rise in construction costs or other reason acceptable
to the Issuer, FHA or RD, and Ginnie Mae. In this event, the Issuer may sell additional
Securities pursuant to this Prospectus in the amount of the increase. Such additional Securities
will have equal priority and benefit without preference or distinction among Securities.

The Mortgage

The Securities are based on and backed by a single mortgage loan (the “Mortgage”). The Issuer
has represented that the Mortgage is a multifamily Mortgage secured by a project under
construction and insured by FHA or guaranteed by RD. During the time the project is under
construction and before the first day of the month following final endorsement of the Project by
FHA, or issuance of the conversion letter to the Loan Note Guarantee by RD, (the “Construction
Period”), the Securities will be Construction Loan Securities. Thereafter, they will be redeemed
by the issuance of Permanent Project Loan Securities. The construction time anticipated by FHA
or RD for the project is set forth in the “Annex — Special Disclosure” (the “Annex”). The
maturity date of the Construction Loan Securities, which is set forth on the cover page hereof,
has been estimated by allowing at least 200% of the construction time anticipated by FHA or
RD, with a maximum of the permanent loan securities maturity date. The term “mortgage,” as
used herein, includes both a note and the mortgage or deed of trust by which it is secured.

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Except as otherwise disclosed in the Annex, the Issuer has represented that with respect to the
Construction Loan Securities:

1. If the Ginnie Mae Pool Number set forth for the Construction Loan
Securities on the cover bears the suffix CL, (a) the Mortgage, prior to final endorsement
by FHA, or issuance of the conversion letter to the Loan Note Guarantee by RD, will bear
interest at the fixed rate of interest stated in the Annex, and (b) the interest rate payable
on the Construction Loan Securities will also be the interest rate payable on the
Permanent Project Loan Securities for which they are redeemed.

2. If the Ginnie Mae Pool Number set forth for the Construction Loan
Securities on the cover bears the suffix CS, (a) the Mortgage, prior to final endorsement
by FHA, or issuance of the conversion letter to the Loan Note Guarantee by RD, will bear
interest at the fixed rate of interest stated in the Annex, and (b) the interest rate payable
on the Construction Loan Securities will differ from the interest rate payable on the
Permanent Project Loan Securities for which they are redeemed.

The Issuer has also represented that the Permanent Project Loan Securities, when issued, will be
based on and backed by a multifamily Mortgage secured by a completed project and insured by
FHA or guaranteed by RD. In addition, except as otherwise disclosed in the Annex, the Issuer
has represented that:

1. If the Ginnie Mae Pool Number set forth for the Permanent Project Loan
Securities on the cover bears the suffix PL, then following final endorsement by FHA, or
issuance of the conversion letter to the Loan Note Guarantee by RD, (a) the Mortgage
will provide for repayment in equal monthly installments that are fully amortizing to
maturity, (b) the Mortgage will bear interest at the fixed rate of interest stated in the
Annex throughout the term thereof, and (c) the Mortgage may be prepaid as stated in the
Annex.

2. If the Ginnie Mae Pool Number set forth for the Permanent Project Loan
Securities on the cover bears the suffix PN, then following final endorsement by FHA, or
issuance of the conversion letter to the Loan Note Guarantee by RD, (a) the Mortgage
will provide for repayment in unequal monthly installments as stated in the Annex, (b)
the Mortgage will bear interest at the fixed rate of interest stated in the Annex throughout
the term thereof, and (c) the Mortgage may be prepaid as stated in the Annex.

3. If the Ginnie Mae Pool Number set forth for the Permanent Project Loan
Securities on the cover bears the suffix LS, then following final endorsement by FHA, or
issuance of the conversion letter to the Loan Note Guarantee by RD, (a) the Mortgage
may provide for repayment in equal monthly installments that are fully amortizing to
maturity or it may provide for repayment in unequal monthly installments as stated in the
Annex, (b) the Mortgage will bear interest at the fixed rate of interest stated in the Annex
throughout the term thereof, and (c) the Mortgage may be prepaid as stated in the Annex.

If any of the foregoing representations, or any other representation made by the Issuer, is
incorrect with respect to the Mortgage, the Issuer may be required by Ginnie Mae to purchase the

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Mortgage from the pool. Additionally, if the Mortgage comes into default and continues in
default for a period of 90 days or more, the Issuer is permitted to purchase it from the pool. In
either event, the remaining principal balance of the Mortgage will be passed through to the
Security Holders as an unscheduled recovery of principal. See “Maturity, Prepayment, and
Yield” herein.

Book-Entry Registration

The Securities initially will be issued and maintained in uncertificated, book-entry form.
Subsequent to closing, however, an investor may request that its Security be issued in certificated
form. So long as they are maintained in book-entry form, the Securities may be transferred only
on the book-entry system of the Depository. In the case of the book-entry Securities, Ginnie
Mae guarantees only that payments will be made to the Depository in whose name the Security is
registered.

Investors in book-entry Securities will ordinarily hold such Securities through one or more
financial intermediaries, such as banks, brokerage firms, and securities clearing organizations.
An investor in a Security held in book-entry form may transfer its beneficial interest only by
complying with the procedures of the appropriate financial intermediary and must depend on its
financial intermediary to enforce its rights with respect to a book-entry Security.

Certificated Registration

By request made through the Issuer or a securities dealer, accompanied by a transfer fee, an
investor in book-entry Securities may receive from the transfer agent (“TA”) for the Securities a
Security in fully registered, certificated form.

Securities held in fully registered, certificated form will be fully transferable and assignable, but
only on the security register maintained by the TA (the “Security Register”). A Security Holder
of a fully registered, certificated Security or its designated representative may transfer ownership
or obtain a denominational exchange of its Security on the Security Register upon surrender of
the Security to the TA at its Ginnie Mae transfer window, or through the mail, if the Security is
duly endorsed by the Security Holder using the form of assignment on the reverse side thereof or
any other written instrument of transfer acceptable to Ginnie Mae. A service charge in an
amount determined by Ginnie Mae will be imposed for any registration of transfer or
denominational exchange of a Security, and payment sufficient to cover any tax or governmental
charge in connection therewith will also be required.

Payments of Principal and Interest

Under the Ginnie Mae Construction Loan Securities program, the Issuer is authorized to issue
Securities in an amount equal to the FHA or RD approved mortgage amount. Accordingly, the
actual principal amount of the Securities is expected to increase as advances are approved and
insured by FHA or guaranteed by RD.

The Issuer is required to pay interest to registered holders of the Construction Loan Securities in
monthly installments by the fifteenth calendar day of each month, except as stated below, with

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the first such payment to be made by the fifteenth calendar day of the first month following the
month in which the Issue Date occurs.

Amounts payable on each Construction Loan Security in respect of interest on each monthly
payment date will equal the product of (i) one-twelfth of the interest rate specified on the cover
page hereof, and (ii) the remaining principal balance of such Security at the end of the prior
month.

The maturity date of Construction Loan Securities already issued may be extended at the request
of the Issuer with the prior written approval of Ginnie Mae, but only with the written approval of
the appropriate parties as required by the Ginnie Mae Handbook 5500.3, Rev. 1.

If the amount of the Mortgage upon project completion is less than the outstanding principal
amount of the Construction Loan Securities, the Issuer is required to prepay the difference to the
Security Holders when the Permanent Project Loan Securities are issued in redemption of the
Construction Loan Securities.

If the Mortgage is liquidated, or Permanent Project Loan Securities cannot be issued by the
maturity date of the Construction Loan Securities and the maturity date is not extended, the
Issuer must retire the Construction Loan Securities by the payment of cash to the Security
Holders. Because an extension of the maturity date of Construction Loan Securities may require
the consent of all Security Holders, a Security Holder that wishes to continue its investment in
the Securities may receive prepayment in full if another Security Holder declines to agree to a
maturity date extension.

The Issuer is required to pay interest and any scheduled principal to registered holders of the
Permanent Project Loan Securities in monthly installments by the fifteenth calendar day of each
month. The first such payment of interest is required to be made by the fifteenth calendar day of
the second month following final endorsement by FHA, or issuance of the conversion letter to
the Loan Note Guarantee by RD, of the Permanent Project Loan. The first such payment of
principal is required to be made by (a) the fifteenth calendar day the second month following
final endorsement by FHA, or issuance of the conversion letter to the Loan Note Guarantee by
RD, of the Permanent Loan or (b) if the payment of principal on the Permanent Project Loan is
deferred, on the deferred first principal payment date set forth in the Annex, whichever is later.
If the Issuer makes such payments by electronic transfer and the fifteenth day of the month is not
a business day, payment will be made on the first business day following the fifteenth day of the
month.

Amounts payable on each Permanent Project Loan Security in respect of interest on each
monthly payment date will equal the product of (i) one-twelfth of the interest rate specified on
the cover page hereof, and (ii) the remaining principal balance of such Security at the end of the
prior month. Principal payments on each monthly payment date will equal the sum of (i) all
scheduled principal payments due on the Mortgages on the first day of the month of such
payment date, and (ii) all unscheduled payments (including prepayments) and other recoveries
received on the Mortgages during the preceding month. The maturity date for the Permanent
Project Loan Securities is based on the maturity date of the Mortgage.

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The Issuer is required to pay the full amount described above on each monthly payment date
regardless of whether sufficient amounts have been collected on the Mortgage.

Monthly payments on the Securities will be allocated among the holders of each Security in the
proportion that the original principal amount of such Security bears to the initial aggregate
original principal amount of the Securities.

Monthly payments on Securities held in book-entry form will be made available for Automated
Clearing House (ACH) transfer on the fifteenth day of each month (or, if such day is not a
business day, the first business day following such fifteenth day) to the Depository for allocation
and payment to the investors in accordance with the Depository’s procedures.

Monthly payments on Securities held in fully registered, certificated form will be paid to the
Security Holder in whose name the Securities are registered on the last day of the month
preceding the month in which the payment is made. Payments will be made by check or, at the
Issuer’s election and with the consent of the Security Holder, by ACH transaction or other
electronic transfer, or in such other manner as may be prescribed by Ginnie Mae. Final payment
on a fully registered, certificated Security will be made only upon surrender of the outstanding
certificate.

Denominations

The Securities will be issued in minimum dollar denominations representing initial principal
balances of $1,000 and in multiples of $1 in excess thereof.

Servicing of the Mortgage

Under contractual arrangements between the Issuer and Ginnie Mae, the Issuer is responsible for
servicing and otherwise administering the Mortgage in accordance with FHA or RD
requirements, Ginnie Mae requirements, and servicing practices generally accepted in the
mortgage lending industry.

As compensation for its servicing and administrative duties, the Issuer will be entitled to a
servicing fee equal to the difference between the interest rate on the Mortgage and the interest
rate on the Securities. The Issuer will retain from each interest payment collected on the
Mortgage an amount equal to one-twelfth times the servicing fee times the actual principal
amount of the Mortgage. Late payment fees and similar charges collected will be retained by the
Issuer as additional compensation. The Issuer will pay (a) to Ginnie Mae monthly a guaranty fee
of one-twelfth of 0.13% of the outstanding principal amount of the Mortgage and (b) all other
costs and expenses incident to the servicing of the Mortgage.

Custodial Agent

The underlying loan documentation for the Mortgage will be held in custody by a document
custodian acceptable to Ginnie Mae.

Termination of Pool Arrangement

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The pool arrangement may be terminated at any time prior to the maturity date of the Securities,
provided that the Issuer and all holders of the outstanding Securities have entered into an
agreement for such termination. Upon formal notification with satisfactory evidence that all
parties to the termination agreement have concurred, and return of all certificated Securities to
Ginnie Mae for cancellation, the guaranty will be terminated.

Federal Income Tax Aspects

A Security Holder generally will be treated as owning a pro rata undivided interest in the
Mortgage. Accordingly, each Security Holder will be required to include in income its pro rata
share of the entire income from the Mortgage, including interest (without reduction for servicing
fees, to the extent those fees represent reasonable compensation for services) and discount, if
any. The income must be reported in the same manner and at the same time as it would have
been reported had the Security Holder held the Mortgage directly.

A Security Holder will generally be entitled to deduct its pro rata share of servicing fees, to the
extent those fees represent reasonable compensation for services. However, an individual, trust,
or estate that holds a Security directly or through a pass-through entity (e.g., a partnership) must
treat servicing fees as miscellaneous itemized deductions, which are deductible only to a limited
extent in computing taxable income and which are not deductible in computing alternative
minimum taxable income.

Interest paid on the Securities will qualify as portfolio interest. Consequently, payment of
interest to a Security Holder who is a non-resident alien or a foreign corporation will not be
subject to withholding tax provided that the Security Holder properly certifies to the withholding
agent the Security Holder’s status as a foreign person.

Ginnie Mae does not allow any loan originated prior to 1985 to be included in pool or loan
packages issued on or after September 1, 2004.

THE FOREGOING REPRESENTS ONLY A SUMMARY OF CERTAIN FEDERAL

INCOME TAX CONSEQUENCES RELATED TO AN INVESTMENT IN A SECURITY.

PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS

REGARDING THE TAX TREATMENT OF THE ACQUISITION, OWNERSHIP, AND
DISPOSITION OF A SECURITY.

Maturity, Prepayment, and Yield

An investor considering a purchase of the Securities should consider the following factors.

1. The Mortgagor has the option to prepay the Mortgage on the terms described in the
Annex. In general, if prevailing mortgage interest rates fall sufficiently below the stated interest
rate on the Mortgage so that the cost of refinancing the Mortgage (including the cost of paying
the prepayment premium) is less than the interest cost of the Mortgage, it can be expected that
the Mortgagor will prepay the Mortgage.

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2. Following any Mortgage default and the subsequent liquidation of the underlying
mortgaged property, Ginnie Mae guarantees that the principal balance of the Mortgage will be
paid to Security Holders. As a result, a default experienced on the Mortgage will accelerate the
distribution of principal of the Securities. A prepayment may also result from the repurchase of
the Mortgage or the refusal of any Security Holder to agree to an extension of the maturity date
of the Construction Loan Securities as described herein.

3. The yields to investors will be sensitive in varying degrees to the rate of prepayments
(including liquidations and repurchases) on the Mortgage. In the case of Securities purchased at
a premium, faster than anticipated rates of principal payments could result in actual yields to
investors that are lower than the anticipated yields. In the case of Securities purchased at a
discount, slower than anticipated rates of principal payments could result in actual yields to
investors that are lower than the anticipated yields.

4. The effective yield on any Security will be less than the yield otherwise produced by its
stated interest rate and purchase price because interest will not be paid to the Security Holder
until the fifteenth day of the month following the month in which interest accrues on the
Security.

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 ANNEX — SPECIAL DISCLOSURE

A. The Mortgage

1. Construction Loan

Location:

Interest Rate:

Construction Period set forth on Form HUD 92264 for FHA loans or set forth in Note for
RD loans:

Debt Service Coverage Ratio:

Loan-to-Value Ratio:

2. Permanent Project Loan

First Principal Payment Date Specified in Note:

Interest Rate:

Term of the Loan:

Description of Non-Level Payment Provisions:

Mortgagor Prepayment Provision:

Debt Service Coverage Ratio:

Loan-to-Value Ratio:

B. The Permanent Project Loan Securities

Deferred First Principal Payment Date:

C. Other

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