[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1988 Engrossed in House (EH)]

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116th CONGRESS
  1st Session
                                H. R. 1988

_______________________________________________________________________

                                 AN ACT


 
   To clarify seasoning requirements for certain refinanced mortgage 
                     loans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting Affordable Mortgages for 
Veterans Act of 2019''.

SEC. 2. SEASONING REQUIREMENTS FOR CERTAIN REFINANCED MORTGAGE LOANS.

    (a) 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).
    (b) 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.''.
    (c) Rule of Construction.--Nothing in this Act may be construed to 
restrict or otherwise modify the authorities of the Government National 
Mortgage Association.

            Passed the House of Representatives July 9, 2019.

            Attest:

                                                                 Clerk.
116th CONGRESS

  1st Session

                               H. R. 1988

_______________________________________________________________________

                                 AN ACT

   To clarify seasoning requirements for certain refinanced mortgage 
                     loans, and for other purposes.