Section 1 Short title
This Act may be cited as the “Protecting Affordable Mortgages for Veterans Act of 2019”.
Protecting Affordable Mortgages for Veterans Act of 2019
AN ACT
To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.
Sec. 2 Seasoning requirements for certain refinanced mortgage loans
Ginnie mae— Paragraph (1) of section 306(g) of the National Housing Act (12 U.S.C. 1721(g)(1)) is amended by striking the second sentence (as added by section 309(b) of Public Law 115–174).
Veterans loans— Section 3709 of title 38, United States Code, is amended by striking subsection (c) and inserting the following:
“(c) Loan seasoning—Except as provided in subsection (d) and notwithstanding section 3703 of this title or any other provision of law, a loan to a veteran for a purpose specified in section 3710 of this title that is a refinance may not be guaranteed or insured under this chapter until the date that is the later of—
“(1) the date on which the borrower has made at least six consecutive monthly payments on the loan being refinanced; and
“(2) the date that is 210 days after the first payment due date of the loan being refinanced.”
Rule of construction— Nothing in this Act may be construed to restrict or otherwise modify the authorities of the Government National Mortgage Association.