I 

110TH CONGRESS 

1ST SESSION H. R. 4884 

To amend title 38, United States Code, to make certain improvements in 

the home loan guaranty programs administered by the Secretary of 

Veterans Affairs, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 19, 2007 

Mr. FILNER introduced the following bill; which was referred to the 

Committee on Veterans’ Affairs 

A BILL 

To amend title 38, United States Code, to make certain 

improvements in the home loan guaranty programs administered by the Secretary of Veterans Affairs, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Helping Our Veterans 

5 to Keep Their Homes Act of 2008’’. 


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1 SEC. 2. IMPROVEMENTS IN HOME LOAN GUARANTY PRO2 GRAMS ADMINISTERED BY SECRETARY OF 

3 VETERANS AFFAIRS. 

4 (a) DECREASE IN EQUITY REQUIREMENT FOR CER5 TAIN LOANS.—Section 3710(b)(8) of title 38, United 

6 States Code, is amended by striking ‘‘90 percent’’ and in7 serting ‘‘100 percent’’. 

8 (b) LIMITATION ON AMOUNT OF FEES.— 

9 (1) LIMITATION.—Subsection (b) of section 

10 3729 of such title is amended to read as follows: 

11 ‘‘(b) AMOUNT OF FEE.—The amount of the fee shall 

12 be one percent of the total amount of the loan guaranteed, 

13 insured, or made, or, in the case of a loan assumption, 

14 the unpaid principal balance of the loan on the date of 

15 the transfer of the property.’’. 

16 (2) CONFORMING AMENDMENTS.—Such title is 

17 further amended— 

18 (A) in section 3703(e)(2), by striking sub19 paragraph (A) and inserting the following new 

20 subparagraph (A): 

21 ‘‘(A) a loan assumed under section 3714 of this 

22 title; or’’. 

23 (B) in section 3734(b)(2), by striking sub24 paragraph (A) and inserting the following new 

25 subparagraph (A): 


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1 ‘‘(A) Fees collected under section 3729 of 

2 this title.’’. 

3 (c) EXTENSION OF DEMONSTRATION PROJECT ON

4 ADJUSTABLE RATE MORTGAGES.—Section 3707(a) of 

5 such title is amended by striking ‘‘2008’’ and inserting 

6 ‘‘2018’’. 

7 (d) EXTENSION OF DEMONSTRATION PROJECT ON

8 HYBRID ADJUSTABLE RATE MORTGAGES.—Section 

9 3707A(a) of such title is amended by striking ‘‘2008’’ and 

10 inserting ‘‘2012’’. 

11 (e) INCREASE IN MAXIMUM GUARANTY AMOUNT.— 

12 Section 3703(a)(1)(C) of title 38, United States Code, is 

13 amended by inserting ‘‘150 percent of’’ after ‘‘25 percent 

14 of’’. 

15 (f) ANNUAL INCREASE IN HOME LOAN GUARANTY

16 AMOUNTS.—Section 3703(a) of such title is amended by 

17 adding at the end the following new paragraph: 

18 ‘‘(3) With respect to any fiscal year, the Secretary 

19 shall provide a percentage increase in the amounts guar20 anteed under subsection (a) equal to the percentage by 

21 which— 

22 ‘‘(A) the Consumer Price Index (all items, 

23 United States city average) for the 12-month period 

24 ending on the June 30 preceding the beginning of 


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1 the fiscal year for which the increase is made, ex2 ceeds 

3 ‘‘(B) such Consumer Price Index for the 12- 

4 month period preceding the 12-month period de5 scribed in subparagraph (A).’’. 

6 (g) REVIEW OF LOANS FOR PURCHASE OF CON7 DOMINIUMS.—The Secretary of Veterans Affairs shall re8 view and streamline the process of guaranteeing home 

9 loans under chapter 37 of title 38, United States Code, 

10 for the purchase of a condominium. 

Æ 


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