[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2522 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                S. 2522

 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.


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                   IN THE SENATE OF THE UNITED STATES

                             June 15, 2004

  Mr. Corzine introduced the following bill; which was read twice and 
             referred to the Committee on Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
 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 MAXIMUM AMOUNT OF HOME LOAN GUARANTY FOR 
              CONSTRUCTION AND PURCHASE OF HOMES AND ANNUAL INDEXING OF 
              AMOUNT.

    (a) Maximum Loan Guaranty Based on 100 Percent of Freddie Mac 
Conforming Loan Rate.--Section 3703(a)(1) of title 38, United States 
Code, 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.''.
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