[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2522 Introduced in Senate (IS)]
108th CONGRESS
2d Session
S. 2522
To amend title 38, United States Code, to increase the maximum amount
of home loan guaranty available under the home loan guaranty program of
the Department of Veterans Affairs, and for other purposes.
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IN THE SENATE OF THE UNITED STATES
June 15, 2004
Mr. Corzine introduced the following bill; which was read twice and
referred to the Committee on Veterans' Affairs
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A BILL
To amend title 38, United States Code, to increase the maximum amount
of home loan guaranty available under the home loan guaranty program of
the Department 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. INCREASE IN MAXIMUM AMOUNT OF HOME LOAN GUARANTY FOR
CONSTRUCTION AND PURCHASE OF HOMES AND ANNUAL INDEXING OF
AMOUNT.
(a) Maximum Loan Guaranty Based on 100 Percent of Freddie Mac
Conforming Loan Rate.--Section 3703(a)(1) of title 38, United States
Code, is amended by striking ``$60,000'' each place it appears in
subparagraphs (A)(i)(IV) and (B) and inserting ``the maximum guaranty
amount (as defined in subparagraph (C))''.
(b) Definition.--Such section is further amended by adding at the
end the following new subparagraph:
``(C) In this paragraph, the term `maximum guaranty amount' means
the dollar amount that is equal to 25 percent of the Freddie Mac
conforming loan limit limitation determined under section 305(a)(2) of
the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2))
for a single-family residence, as adjusted for the year involved.''.
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