[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4345 Referred in Senate (RFS)]

  2d Session
                                H. R. 4345


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                   IN THE SENATE OF THE UNITED STATES

                             June 24, 2004

Received; read twice and referred to the Committee on Veterans' Affairs

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                                 AN ACT


 
 To amend title 38, United States Code, to increase the maximum amount 
of home loan guaranty available under the home loan guaranty program of 
      the Department of Veterans Affairs, 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. INCREASE IN, AND ANNUAL INDEXING OF, MAXIMUM AMOUNT OF HOME 
              LOAN GUARANTY FOR CONSTRUCTION AND PURCHASE OF HOMES.

    (a) Maximum Loan Guaranty Based on 100 Percent of the Freddie Mac 
Conforming Loan Rate.--Section 3703(a)(1) is amended by striking 
``$60,000'' each place it appears in subparagraphs (A)(i)(IV) and (B) 
and inserting ``the maximum guaranty amount (as defined in subparagraph 
(C))''.
    (b) Definition.--Such section is further amended by adding at the 
end the following new subparagraph:
    ``(C) In this paragraph, the term `maximum guaranty amount' means 
the dollar amount that is equal to 25 percent of the Freddie Mac 
conforming loan limit limitation determined under section 305(a)(2) of 
the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) 
for a single-family residence, as adjusted for the year involved.''.

            Passed the House of Representatives June 23, 2004.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.