Title: Protecting Affordable Mortgages for Veterans Act of 2019
Policy area: Housing and Community Development

Summary:
Protect Affordable Mortgages for Veterans Act of 2019
This bill revises loan seasoning requirements related to a refinanced Department of Veterans Affairs (VA) housing loan. Under current law, the VA is prohibited from guaranteeing a refinanced home loan until the date that is the later of (1) the date on which the sixth monthly payment is made, or (2) the date that is 210 days after the first payment is made. This bill modifies this date to (1) when the borrower has made six consecutive monthly payments, or (2) 210 days after the first payment is due.

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

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116th CONGRESS
  1st Session
                                H. R. 1988

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 28, 2019

   Mr. David Scott of Georgia (for himself, Mr. Zeldin, Mr. Levin of 
  California, and Mr. Barr) introduced the following bill; which was 
referred to the Committee on Financial Services, and in addition to the 
    Committee on Veterans' Affairs, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
   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 ``Protect 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.
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