To amend title 38, United States Code, to make permanent the authority for qualifying members of the Selected Reserve to have access to home loans guaranteed by the Secretary of Veterans Affairs and to provide for uniformity in fees charged qualifying members of the Selected Reserve and active duty veterans for such home loans.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Selected Reserve Home Loan Equity 
Act''.

SEC. 2. PERMANENT AUTHORITY FOR HOUSING LOANS FOR MEMBERS OF THE 
              SELECTED RESERVE.

    Section 3702(a)(2)(E) of title 38, United States Code, is amended 
by striking ``and ending on September 30, 2009,''.

SEC. 3. UNIFORM HOME LOAN GUARANTY FEES FOR QUALIFYING MEMBERS OF THE 
              SELECTED RESERVE AND ACTIVE DUTY VETERANS.

    (a) In General.--Paragraph (2) of section 3729(b) of title 38, 
United States Code, is amended to read as follows:
    ``(2) The loan fee table referred to in paragraph (1) is as 
follows:

                            ``LOAN FEE TABLE
------------------------------------------------------------------------
            Type of loan                   Veteran        Other obligor
------------------------------------------------------------------------
(A)(i) Initial loan described in                 2.00                NA
 section 3710(a) to purchase or
 construct a dwelling with 0-down,
 or any other initial loan described
 in section 3710(a) other than with
 5-down or 10-down (closed before
 October 1, 2011)...................
------------------------------------------------------------------------
(A)(ii) Initial loan described in                1.25                NA
 section 3710(a) to purchase or
 construct a dwelling with 0-down,
 or any other initial loan described
 in section 3710(a) other than with
 5-down or 10-down (closed on or
 after October 1, 2011).............
------------------------------------------------------------------------
(B)(i) Subsequent loan described in              3.30                NA
 section 3710(a) to purchase or
 construct a dwelling with 0-down,
 or any other subsequent loan
 described in section 3710(a)
 (closed before October 1, 2011)....
------------------------------------------------------------------------
(B)(ii) Subsequent loan described in             2.15                NA
 section 3710(a) to purchase or
 construct a dwelling with 0-down,
 or any other subsequent loan
 described in section 3710(a)
 (closed on or after October 1, 2011
 and before October 1, 2013)........
------------------------------------------------------------------------
(B)(iii) Subsequent loan described               1.25                NA
 in section 3710(a) to purchase or
 construct a dwelling with 0-down,
 or any other subsequent loan
 described in section 3710(a)
 (closed on or after October 1,
 2013)..............................
------------------------------------------------------------------------
(C)(i) Loan described in section                 1.50                NA
 3710(a) to purchase or construct a
 dwelling with 5-down (closed before
 October 1, 2011)...................
------------------------------------------------------------------------
(C)(ii) Loan described in section                0.75                NA
 3710(a) to purchase or construct a
 dwelling with 5-down (closed on or
 after October 1, 2011).............
------------------------------------------------------------------------
(D)(i) Initial loan described in                 1.25                NA
 section 3710(a) to purchase or
 construct a dwelling with 10-down
 (closed before October 1, 2011)....
------------------------------------------------------------------------
(D)(ii) Initial loan described in                0.50                NA
 section 3710(a) to purchase or
 construct a dwelling with 10-down
 (closed on or after October 1,
 2011)..............................
------------------------------------------------------------------------
(E) Interest rate reduction                      0.50                NA
 refinancing loan...................
------------------------------------------------------------------------
(F) Direct loan under section 3711..             1.00                NA
------------------------------------------------------------------------
(G) Manufactured home loan under                 1.00                NA
 section 3712 (other than an
 interest rate reduction refinancing
 loan)..............................
------------------------------------------------------------------------
(H) Loan to Native American veteran              1.25                NA
 under section 3762 (other than an
 interest rate reduction refinancing
 loan)..............................
------------------------------------------------------------------------
(I) Loan assumption under section                0.50              0.50
 3714...............................
------------------------------------------------------------------------
(J) Loan under section 3733(a)......             2.25           2.25''.
------------------------------------------------------------------------


    (b) Conforming Amendments.--(1) Paragraph (4)(A) of such section is 
amended to read as follows:
            ``(A) The term `veteran' means any veteran eligible for the 
        benefits of this chapter.''.
    (2) Paragraph (4) of such section is amended by striking 
subparagraph (B) and redesignating subparagraphs (C), (D), (E), (F), 
(G), (H), and (I) as subparagraphs (B), (C), (D), (E), (F), (G), and 
(H), respectively.

            Passed the House of Representatives May 21, 2003.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.

Summary: Selected Reserve Home Loan Equity Act - Makes permanent the authority for individuals who complete six years of service in the Selected Reserve to receive home loans guaranteed, insured, or made through the Department of Veterans Affairs. Prescribes uniform fees for members of the Selected Reserve and veterans eligible for such home loans through qualifying active duty service.