CREDITWORTHINESS DETERMINATIONS AND FEES WITH RESPECT TO ASSUMPTIONS OF VENDEE LOANS.

SEC. 302. CREDITWORTHINESS DETERMINATIONS AND FEES WITH RESPECT TO ASSUMPTIONS OF VENDEE LOANS.Section 1814 is amended— (1) in subsection (a)(1), in the matter preceding clause (A)— (A) by striking out “If” and inserting in lieu thereof “Except as provided in subsection (f) of this section, if”; and (B) by striking out “guaranteed, insured, or direct housing loan obtained by a veteran” and inserting in lieu thereof “loan guaranteed, insured, or made”; and (2) by striking out subsection (f) and inserting in lieu thereof the following: “(f) (1) This section shall apply— “(A) in the case of loans other than loans to finance the purchase of real property described in section 1833(a)(1) of this title, only to loans for which commitments are made on or after March 1, 1988; and “(B) in the case of loans to finance the purchase of such property, only to loans which are closed more than 45 days after the date of the enactment of the Veterans’ Benefits and Programs Improvement Act of 1988. “(2) This section shall not apply to a loan which the Administrator has sold without recourse.”.