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.
Amends Federal veterans' benefits law to revise the maximum amount of home loan guaranty available under the home loan guaranty program of the Department of Veterans Affairs, specifically the guaranty of any loan of more than $144,000. Replaces the current formula of the lesser of $60,000 or 25 percent of the loan with the lesser of a certain maximum guaranty amount or 25 percent of the loan.
Defines maximum guaranty amount as the dollar amount equal to 25 percent of the Federal Home Loan Mortgage Corporation (Freddie Mac) conforming loan limit limitation determined under the Federal Home Loan Mortgage Corporation Act for a single-family residence, as adjusted for the year involved.
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