110 HR 4884 IH: Helping Our Veterans to Keep Their U.S. House of Representatives 2007-12-19 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 4884 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.

1.

Short title

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

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.