[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5625 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5625

 To amend the Economic Stimulus Act of 2008 to provide for a temporary 
    increase in the maximum loan guaranty amount for housing loans 
            guaranteed by the Secretary of Veterans Affairs.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 2008

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Economic Stimulus Act of 2008 to provide for a temporary 
    increase in the maximum loan guaranty amount for housing loans 
            guaranteed by the Secretary of Veterans Affairs.

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

SECTION 1. TEMPORARY INCREASE IN MAXIMUM LOAN GUARANTY AMOUNT FOR 
              HOUSING LOANS GUARANTEED BY SECRETARY OF VETERANS 
              AFFAIRS.

    Section 201(a) of the Economic Stimulus Act of 2008 (Public Law 
110-185; 122 Stat. 613) is amended by adding at the end the following 
new paragraph:
            ``(3) VA guaranteed housing loans.--Notwithstanding 
        subparagraph (C) of section 3703(a)(1) of title 38, United 
        States Code, for purposes of any loan described in that section 
        for which the mortgagee issues a loan commitment during the 
        period beginning on February 13, 2008, and ending at the end of 
        December 31, 2008, the term `maximum guaranty amount' means the 
        dollar amount that is equal to 25 percent of the amount 
        determined under paragraph (2) of this subsection for a single-
        family residence located in the area in which the residence for 
        which the loan is made is located.''.
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