[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3087 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3087

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 SENATE OF THE UNITED STATES

                              June 5, 2008

   Ms. Snowe 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 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) Repeal of Loan Fee Requirement for Loans Other Than Loans To 
Refinance Indebtedness.--Section 3729 of title 38, United States Code, 
is amended--
            (1) in subsection (a), by striking paragraph (1) and 
        inserting the following new paragraph (1): ``(1)(A) Except as 
        provided in subsection (c), a fee shall be collected from each 
        person obtaining a housing loan described in subparagraph (B). 
        No such loan may be guaranteed, insured, made, or assumed until 
        the fee payable under this section has been remitted to the 
        Secretary.
    ``(B) A housing loan described in this subparagraph is a loan to be 
used to refinance indebtedness under section 3710(a)(5), (8), (9)(B), 
or (11) or section 3712(a)(1)(F) of this title.
    ``(C) The Secretary may not collect a fee under this section from a 
person obtaining a loan guaranteed, insured, made, or assumed under 
this chapter other than a loan described in subparagraph (B).''; and
            (2) by striking subsection (b) and inserting the following 
        new subsection (b):
    ``(b) Amount of Fee.--The amount of the fee payable under 
subsection (a) shall be one percent of the total amount of the loan 
described in paragraph (1)(B) that is guaranteed, insured, or made 
under this chapter, or, in the case of a loan assumption, the unpaid 
principal balance of the loan on the date of the transfer of the 
property under this chapter.''.
    (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 ``175 percent 
of'' after ``25 percent of''.
    (f) 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.
    (g) Increase in Maximum Guaranty Amount for Certain Refinanced 
Loans.--Section 3703(a)(1)(A)(i)(IV) of title 38, United States Code, 
is amended by inserting ``(5),'' after ``(3),''.
    (h) Increase in Guaranty for Affordable Homes.--Section 3703(a)(1) 
of title 38, United States Code, is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following new 
        subparagraph (C):
    ``(C)(i) The maximum amount of guaranty entitlement available to an 
eligible veteran for a loan in any amount to purchase a dwelling to be 
owned and occupied by the veteran as a home, if the dwelling is 
affordable housing (as determined by the Secretary, in consultation 
with the Secretary of Housing and Urban Development and the heads of 
other appropriate agencies), shall be the greater of--
            ``(I) the amount of guaranty entitlement available to the 
        veteran under subparagraph (A); or
            ``(II) 30 percent of the loan.
    ``(ii) For the purposes of this subparagraph, the term `eligible 
veteran' means a veteran whose annual income is below a maximum income 
amount, which shall be determined by the Secretary.''.
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