To amend title 38, United States Code, to make certain improvements in the home loan guaranty programs administered by the Secretary of Veterans Affairs, and for other purposes.
Ms. SNOWE introduced the following bill; which was read twice and referred to the Committee on Veterans’ Affairs
To amend title 38, United States Code, to make certain improvements in the home loan guaranty programs administered by the Secretary of Veterans Affairs, and for other purposes.
(a) Decrease in Equity Requirement for Certain Loans- Section 3710(b)(8) of title 38, United States Code, is amended by striking ‘90 percent’ and inserting ‘100 percent’.
(b) Repeal of Loan Fee Requirement for Loans Other Than Loans To Refinance Indebtedness- Section 3729 of title 38, United States Code, is amended--
(1) in subsection (a), by striking paragraph (1) and inserting the following new paragraph (1): ‘(1)(A) Except as provided in subsection (c), a fee shall be collected from each person obtaining a housing loan described in subparagraph (B). No such loan may be guaranteed, insured, made, or assumed until the fee payable under this section has been remitted to the Secretary.
‘(B) A housing loan described in this subparagraph is a loan to be used to refinance indebtedness under section 3710(a)(5), (8), (9)(B), or (11) or section 3712(a)(1)(F) of this title.
‘(C) The Secretary may not collect a fee under this section from a person obtaining a loan guaranteed, insured, made, or assumed under this chapter other than a loan described in subparagraph (B).’; and
‘(b) Amount of Fee- The amount of the fee payable under subsection (a) shall be one percent of the total amount of the loan described in paragraph (1)(B) that is guaranteed, insured, or made under this chapter, or, in the case of a loan assumption, the unpaid principal balance of the loan on the date of the transfer of the property under this chapter.’.
(c) Extension of Demonstration Project on Adjustable Rate Mortgages- Section 3707(a) of such title is amended by striking ‘2008’ and inserting ‘2018’.
(d) Extension of Demonstration Project on Hybrid Adjustable Rate Mortgages- Section 3707A(a) of such title is amended by striking ‘2008’ and inserting ‘2012’.
(e) Increase in Maximum Guaranty Amount- Section 3703(a)(1)(C) of title 38, United States Code, is amended by inserting ‘175 percent of’ after ‘25 percent of’.
(f) Review of Loans for Purchase of Condominiums- The Secretary of Veterans Affairs shall review and streamline the process of guaranteeing home loans under chapter 37 of title 38, United States Code, for the purchase of a condominium.
(g) Increase in Maximum Guaranty Amount for Certain Refinanced Loans- Section 3703(a)(1)(A)(i)(IV) of title 38, United States Code, is amended by inserting ‘(5),’ after ‘(3),’.
(h) Increase in Guaranty for Affordable Homes- Section 3703(a)(1) of title 38, United States Code, is amended--
(1) by redesignating subparagraph (C) as subparagraph (D); and
(2) by inserting after subparagraph (B) the following new subparagraph (C):
‘(C)(i) The maximum amount of guaranty entitlement available to an eligible veteran for a loan in any amount to purchase a dwelling to be owned and occupied by the veteran as a home, if the dwelling is affordable housing (as determined by the Secretary, in consultation with the Secretary of Housing and Urban Development and the heads of other appropriate agencies), shall be the greater of--
‘(I) the amount of guaranty entitlement available to the veteran under subparagraph (A); or
‘(II) 30 percent of the loan.
‘(ii) For the purposes of this subparagraph, the term ‘eligible veteran’ means a veteran whose annual income is below a maximum income amount, which shall be determined by the Secretary.’.
U.S. Congress - Text of S.3087 as Introduced in Senate Helping Our Veterans to Keep Their Homes Act of 2008
