Native American Veterans' Home Loan Equity Act of 1992

Native American Veterans' Home Loan Equity Act of 1992 - Directs the Secretary of Veterans Affairs to establish and implement a pilot program under which the Secretary may make direct housing loans to aid Native American (Indian, Alaska or Hawaii native, or Pacific Islander) veterans in purchasing, constructing, or improving dwellings on trust land. Requires such loans to be made in a variety of geographic areas and in areas experiencing a variety of economic circumstances. Prohibits any such loans from being made after the end of FY 1997.

Authorizes the Secretary to make such a direct housing loan to a Native American if: (1) the Secretary has entered into a memorandum of understanding with respect to such loans with the tribal organization having jurisdiction over such veteran; and (2) the memorandum is in effect when the loan is made. Outlines provisions to be included in each such memorandum. Prohibits entering into any such memorandum unless the Secretary determines that it provides standards and procedures necessary for the reasonable protection of the financial interests of the United States. Limits to $80,000 the principal amount of any such loan, but authorizes the Secretary to exceed such amount in a geographic area in which housing costs are significantly higher than average housing costs nationwide. Sets forth provisions concerning loan interest rates and credit underwriting standards. Directs the Secretary to determine the reasonable value of the interest in property that will serve as security for a loan made under this Act and to establish procedures for appraisals upon which to base such determinations.

Directs the Secretary to: (1) establish minimum requirements for planning, construction or improvement, and general acceptability relating to any direct loan; and (2) establish credit underwriting standards to be used in evaluating such loans. Requires loans to be repaid in monthly installments.

Authorizes the Secretary to: (1) make advances to provide for repairs, alterations, and improvements and to meet incidental expenses of the loan transaction; and (2) take any other actions and make any necessary determinations with respect to expenses, rules and regulations, and the use of persons, organizations, or departments or agencies to carry out his functions.

Directs the Secretary to carry out an outreach program to inform tribal organizations and Native American veterans of the pilot program and the availability of direct housing loans for Native American veterans residing on trust lands.

Establishes in the Treasury the Native American Veteran Housing Loan Program Account to carry out financial activities relating to the making of loans under this Act.

Directs the Secretary, in carrying out the pilot program, to consider the views and recommendations of the Advisory Committee on Native-American Veterans established under the Veteran's Health-Care Amendments of 1986.

Directs the Secretary to report annually in 1994 through 1998 to the Senate and House Veterans' Affairs Committees on: (1) the pilot program and recommendations for legislation regarding the program; (2) the exercise of authority to exceed the maximum loan limit; and (3) the real property appraisals performed for the Secretary during such year.

Allows new direct loan obligations for Native American veteran housing loans under this Act to be incurred only to the extent that appropriations to cover their anticipated cost are made in advance. Authorizes appropriations for such loans for FY 1993.