[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1257 Engrossed in House (EH)]
108th CONGRESS
1st Session
H. R. 1257
_______________________________________________________________________
AN ACT
To amend title 38, United States Code, to make permanent the authority
for qualifying members of the Selected Reserve to have access to home
loans guaranteed by the Secretary of Veterans Affairs and to provide
for uniformity in fees charged qualifying members of the Selected
Reserve and active duty veterans for such home loans.
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 ``Selected Reserve Home Loan Equity
Act''.
SEC. 2. PERMANENT AUTHORITY FOR HOUSING LOANS FOR MEMBERS OF THE
SELECTED RESERVE.
Section 3702(a)(2)(E) of title 38, United States Code, is amended
by striking ``and ending on September 30, 2009,''.
SEC. 3. UNIFORM HOME LOAN GUARANTY FEES FOR QUALIFYING MEMBERS OF THE
SELECTED RESERVE AND ACTIVE DUTY VETERANS.
(a) In General.--Paragraph (2) of section 3729(b) of title 38,
United States Code, is amended to read as follows:
``(2) The loan fee table referred to in paragraph (1) is as
follows:
``LOAN FEE TABLE
------------------------------------------------------------------------
Type of loan Veteran Other obligor
------------------------------------------------------------------------
(A)(i) Initial loan described in 2.00 NA
section 3710(a) to purchase or
construct a dwelling with 0-down,
or any other initial loan described
in section 3710(a) other than with
5-down or 10-down (closed before
October 1, 2011)...................
------------------------------------------------------------------------
(A)(ii) Initial loan described in 1.25 NA
section 3710(a) to purchase or
construct a dwelling with 0-down,
or any other initial loan described
in section 3710(a) other than with
5-down or 10-down (closed on or
after October 1, 2011).............
------------------------------------------------------------------------
(B)(i) Subsequent loan described in 3.30 NA
section 3710(a) to purchase or
construct a dwelling with 0-down,
or any other subsequent loan
described in section 3710(a)
(closed before October 1, 2011)....
------------------------------------------------------------------------
(B)(ii) Subsequent loan described in 2.15 NA
section 3710(a) to purchase or
construct a dwelling with 0-down,
or any other subsequent loan
described in section 3710(a)
(closed on or after October 1, 2011
and before October 1, 2013)........
------------------------------------------------------------------------
(B)(iii) Subsequent loan described 1.25 NA
in section 3710(a) to purchase or
construct a dwelling with 0-down,
or any other subsequent loan
described in section 3710(a)
(closed on or after October 1,
2013)..............................
------------------------------------------------------------------------
(C)(i) Loan described in section 1.50 NA
3710(a) to purchase or construct a
dwelling with 5-down (closed before
October 1, 2011)...................
------------------------------------------------------------------------
(C)(ii) Loan described in section 0.75 NA
3710(a) to purchase or construct a
dwelling with 5-down (closed on or
after October 1, 2011).............
------------------------------------------------------------------------
(D)(i) Initial loan described in 1.25 NA
section 3710(a) to purchase or
construct a dwelling with 10-down
(closed before October 1, 2011)....
------------------------------------------------------------------------
(D)(ii) Initial loan described in 0.50 NA
section 3710(a) to purchase or
construct a dwelling with 10-down
(closed on or after October 1,
2011)..............................
------------------------------------------------------------------------
(E) Interest rate reduction 0.50 NA
refinancing loan...................
------------------------------------------------------------------------
(F) Direct loan under section 3711.. 1.00 NA
------------------------------------------------------------------------
(G) Manufactured home loan under 1.00 NA
section 3712 (other than an
interest rate reduction refinancing
loan)..............................
------------------------------------------------------------------------
(H) Loan to Native American veteran 1.25 NA
under section 3762 (other than an
interest rate reduction refinancing
loan)..............................
------------------------------------------------------------------------
(I) Loan assumption under section 0.50 0.50
3714...............................
------------------------------------------------------------------------
(J) Loan under section 3733(a)...... 2.25 2.25''.
------------------------------------------------------------------------
(b) Conforming Amendments.--(1) Paragraph (4)(A) of such section is
amended to read as follows:
``(A) The term `veteran' means any veteran eligible for the
benefits of this chapter.''.
(2) Paragraph (4) of such section is amended by striking
subparagraph (B) and redesignating subparagraphs (C), (D), (E), (F),
(G), (H), and (I) as subparagraphs (B), (C), (D), (E), (F), (G), and
(H), respectively.
Passed the House of Representatives May 22, 2003.
Attest:
Clerk.
108th CONGRESS
1st Session
H. R. 1257
_______________________________________________________________________
AN ACT
To amend title 38, United States Code, to make permanent the authority
for qualifying members of the Selected Reserve to have access to home
loans guaranteed by the Secretary of Veterans Affairs and to provide
for uniformity in fees charged qualifying members of the Selected
Reserve and active duty veterans for such home loans.