H.R. 5561

Veterans Mortgage Stimulus Clarification Act of 2008

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I

110th CONGRESS

2d Session

H. R. 5561

IN THE HOUSE OF REPRESENTATIVES

March 10, 2008

Mr. Buyer 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.

1.

Short title

This Act may be cited as the Veterans Mortgage Stimulus Clarification Act of 2008.

2.

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 residence of the applicable size located in the area in which the residence for which the loan is made is located.

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