The maximum loan term becomes whatever the Secretary determines, up to 30 years
What the document says“in paragraph (3), by striking ``exceeds--'' and all that follows through the period at the end and inserting ``exceeds such period of time as determined by the Secretary, not to exceed 30 years.'';”
The section replaces the wording in section 2(b)(3) of the National Housing Act that set the maximum loan term with a maximum period the Secretary determines, capped at 30 years.
What the document actually says“in paragraph (3), by striking ``exceeds--'' and all that follows through the period at the end and inserting ``exceeds such period of time as determined by the Secretary, not to exceed 30 years.'';”
The older words about how long a loan may run come out. New words go in. The housing agency now sets the length, up to 30 years.
A loan term is how long a borrower has to pay it back. The law used to fix the number. Now it fixes only the ceiling.
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