[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4884 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 4884

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 19, 2007

  Mr. Filner introduced the following bill; which was referred to the 
                     Committee on Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Helping Our Veterans to Keep Their 
Homes Act of 2008''.

SEC. 2. IMPROVEMENTS IN HOME LOAN GUARANTY PROGRAMS ADMINISTERED BY 
              SECRETARY OF VETERANS AFFAIRS.

    (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) Limitation on Amount of Fees.--
            (1) Limitation.--Subsection (b) of section 3729 of such 
        title is amended to read as follows:
    ``(b) Amount of Fee.--The amount of the fee shall be one percent of 
the total amount of the loan guaranteed, insured, or made, or, in the 
case of a loan assumption, the unpaid principal balance of the loan on 
the date of the transfer of the property.''.
            (2) Conforming amendments.--Such title is further amended--
                    (A) in section 3703(e)(2), by striking subparagraph 
                (A) and inserting the following new subparagraph (A):
            ``(A) a loan assumed under section 3714 of this title; 
        or''.
                    (B) in section 3734(b)(2), by striking subparagraph 
                (A) and inserting the following new subparagraph (A):
                    ``(A) Fees collected under section 3729 of this 
                title.''.
    (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 ``150 percent 
of'' after ``25 percent of''.
    (f) Annual Increase in Home Loan Guaranty Amounts.--Section 3703(a) 
of such title is amended by adding at the end the following new 
paragraph:
    ``(3) With respect to any fiscal year, the Secretary shall provide 
a percentage increase in the amounts guaranteed under subsection (a) 
equal to the percentage by which--
            ``(A) the Consumer Price Index (all items, United States 
        city average) for the 12-month period ending on the June 30 
        preceding the beginning of the fiscal year for which the 
        increase is made, exceeds
            ``(B) such Consumer Price Index for the 12-month period 
        preceding the 12-month period described in subparagraph (A).''.
    (g) 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.
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