Authorizes the Secretary of Veterans Affairs to make periodic assistance payments on behalf of an eligible veteran for the purpose of buying down the interest rate charged on a housing loan that is guaranteed by the Department of Veterans Affairs. Outlines veteran eligibility requirements. Limits to three years the interest rate buy-down period. Requires the Secretary to: (1) promulgate underwriting standards for loans for which the interest rate assistance payments may be made; and (2) provide comprehensive prepurchase counseling to eligible veterans explaining the features of the interest rate buy-downs. Authorizes appropriations.
Directs the Secretary of Defense to reimburse the Secretary for amounts paid to veteran mortgagees for such buy-down assistance. Authorizes the Secretary of Defense to indemnify a lender who makes a loan which is subject to the interest rate buy-down provisions. Authorizes the Secretaries to enter into an agreement to carry out this Act. Authorizes appropriations.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1007)
Referred to the Committee on Veterans' Affairs, and in addition to the Committee on National Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Veterans' Affairs, and in addition to the Committee on National Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Veterans' Affairs, and in addition to the Committee on National Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Executive Comment Requested from Veterans' Affairs.
Executive Comment Requested from DOD.
Referred to the Subcommittee on Military Installations and Facilities.
Referred to the Subcommittee on Education, Training, Employment and Housing.
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For Further Action See S.1124.