One Hundred Sixteenth Congress of the United States of America
1st Session
Begun and held at the City of Washington on Thursday, the third day of January, two thousand and nineteen
S. 1749
AN ACT
To clarify seasoning requirements for certain refinanced mortgage loans, and for other purposes.
Short title
This Act may be cited as the Protecting Affordable Mortgages for Veterans Act of 2019
.
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:
the date on which the borrower has made at least six consecutive monthly payments on the loan being refinanced; and
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.
Speaker of the House of Representatives
Vice President of the United States and President of the Senate