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— Section 306(g)(1) of the National Housing Act (12 U.S.C. 1721(g)(1)) is amended by striking the second sentence.
Veterans loans— Section 3709(c) of title 38, United States Code, is amended—
in the matter before paragraph (1), by striking “is refinanced” and inserting “is a refinance”; and
by striking paragraphs (1) and (2) and inserting the following new paragraphs:
“(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.