Veterans' Housing Loan Program and Montgomery GI Bill Cost-Reduction Act of 1995

TABLE OF CONTENTS:

Title I: Housing Loans

Title II: Montgomery GI Bill

Veterans' Housing Loan Program and Montgomery GI Bill Cost-Reduction Act of 1995 - Title I: Housing Loans - Repeals the requirement that an employee, department, or agency of the United States may not withhold payments to a veteran or a veteran's surviving spouse because of liabilities arising from a housing loan made to the veteran or surviving spouse.

(Sec. 102) Provides that the amount of money guaranteed for a manufactured housing loan should not exceed 90 (currently, 95) percent of the purchase price of the property securing the loan. Increases the amount of the guarantee fee charged to the veteran to two (currently, one) percent of the total loan amount.

(Sec. 103) Extends to loans closed before October 1, 2000, provisions for: (1) increasing the fee for a veterans housing loan by 0.75 percent of the total loan amount; (2) increasing the fee for any additional loan to three percent; and (3) default procedures.

Title II: Montgomery GI Bill - Limits cost-of-living adjustments in educational assistance to 50 percent of the percentage by which the assistance would otherwise be increased under the basic educational assistance benefit programs.